Silver imports likely to decline 8% in 2003

The astronomical rise in silver prices lately is expected to curb silver imports into India.

Though it may not be substantial as the industrial demand unlikely to abate, the demand from silver artifacts, jewellery and utensils will be hit.

Gold Field Mineral Services, the global consultant, in its interim report for silver 2003, has estimated a decline by about 8 per cent.

According to the report, the consensus among silver fabricators is that demand will be down year-on-year. Retailers also report that offtakes have been held back due to more volatile (and periodically higher) prices.