But what about silver?
As India proceeds to Vasubaras, the first day of Deepavali celebrations in the state of Maharashtra, traders and business people consider this day an auspicious one “for making important purchases, especially metals, including kitchenware and precious metals like silver and gold,” according to Wiki. As the demand for gold rises in India, silver demand rises as well.
Another factor which could drive higher India imports of silver is the high cost of gold. Malaysian news outlet, The Star, reported that the rally in the gold price has created a problem of affordability among many Indians. Many Indians have always struggled financially to purchase the sacred metal for religious ceremonies, with some families spending their entire life’s savings on the wedding of their young bride. But gold has increasingly become more prohibitive to many families in India as the rally enters its 11th straight year of higher prices.