Favourable prices and industrial demand drove silver imports to a record high of 1,173 metric tonnes (MT) in 2022-23. This was 91% higher than the 631 MT silver imported the previous fiscal year, according to data from the Ahmedabad Air Cargo Complex (AACC).

With prices touching a low of Rs 52,000 perkgaround September 2022, silver demand picked up, bullion traders and analysts said.

Retail consumption of silver has also increased significantly. Jewellers attribute this to the growing popularity of silver for everyday wear jewellery and gift articles and accessories.