Diwali sparkle: Silver imports rise 10,000% in Sept

Silver imports in Ahmedabad surged by a whopping 100 times or 10,000 per cent for the month of September, continuing the strong trend seen in the current financial year. Silver imports at Sardar Vallabhbhai Patel International Airport increased from 0.25 tonne (September 2016) to 25.56 tonne in September 2017, according to GSECL, which handles cargo at the city airport.

There has been a huge rise in silver imports at Ahmedabad in the current financial year. From 2.15 tonne in the first half of 2016 (April-September), imports have gone up to 89 tonne, an increase of 41 times or 4,100%. The data shows that silver imports went up by 232 times in the month of May, and about 44 times in July. Experts say that the upcoming Diwali festival is just one of the reasons for the rise in silver imports. "Silver is used widely for gifting during Diwali, especially by corporates. Moreover, silver is being used widely in pharma and other industries, which has also led to the surge," said Chinubhai Shah, president of Shree Choksi Mahajan Ahmedabad.

Jigar Soni, secretary of Jewellers Association, Ahmedabad, said that in addition to being a popular gifting option, many people also buy silver coins or other silverware products for their own consumption to mark auspicious occasions. While silver imports have shown a turnaround in the current year, they is still a fraction of the imports seen until just three years ago. According to GSECL statistics, silver imports at Ahmedabad airport stood at 1,425 tonne in 2014-15, 486 tonne in 2013-14, and 988 tonne in 2012-13.