India's silver use triples in a decade, world share up from 14.7% to 39.2%

Several investors bought silver in 2011 when it peaked at Rs 75,000 a kg; many are holding on to avoid booking losses, only a few smart ones have averaged the cost at lower prices

Silver consumption in India has increased multi-fold in the past one decade, going by a report on the precious metal released recently by the Silver Institute. According to the World Silver Survey 2018, around 601 tonnes were used in the country in 2008 for jewellery making, and rose to 2,058 tonnes in 2017. In the same period, the use of the metal in silverware rose from 481 tonnes to 1,212 tonnes.

As a result, India's share of silver demand for jewellery and silverware in world market also increased from 14.7 per cent in 2008 to 39.2 per cent in