All that glitters is silver – this could easily be the slogan of the Indian precious metal industry after the buying surge in Dhanteras and Diwali. According to reports, Indians have purchased nothing less than 22,000 kilo of the precious white metal during the peak festive season of Diwali and Dhanteras, when buying gold and/or silver climbs to the top of the charts of millions of Indians.
The authorities of India Bullion & Jewellers Association (IBJA), the apex trade body of the precious metal industry, have told the media that sales of silver zoomed this year. Compared to last year. The sales came against the backdrop of metal industry experts predicting consistent rise in the demand of silver due to personal consumption and industry sector all over the world and boosting the possibility of gains from investment in the metal.
How silver sales surged in Diwali, Dhanteras
The maximum demand for silver emerged in the form of coins. These coins were of 5 and 10 grams, which were comparatively light on the pocket. Leaving out coins, demand for jewellery, idols, lamps and utensils surged too. Given that the price of silver was pushing close to the Rs 1 lakh mark a kilo, the price of the heavier items was steep for most of the buyers. Yet, cumulative demand for the white metal jumped by about 37% benchmarked against the figure for the same period last year, when the sales were recorded at 16,000 kilos, IBJA bosses said. The boss of the association, Surendra Mehta told the media that this level was buying was unprecedented in the past 2 decades. He put the cost of silver sold in the festive period at Rs 2,200 crore.
What is the price of silver today
The price of silver has jumped nearly 35% in 2024, and experts are certain that it will keep marching north. According to IBJA, the price of a kilo of silver in the past 7 trading days stood at Rs 93,764, Rs 94,435, Rs 96,913, 98,340, Rs 97,238 and Rs 96,552.Experts are predicting that the price of the metal could breach the fantastic $100/ounce level in the next few years. It is now at the $32-33/ounce level.
