After six months of almost no imports through the India International Bullion Exchange, something changed in August.
Around 90 tonnes of silver — roughly 2.9 million ounces — arrived in India through the exchange.
India has long been one of the world’s largest consumers of physical silver, and its demand can be highly volatile. When domestic inventories are sufficient or prices are less attractive, imports can slow sharply. But once traders start restocking, physical flows can change quickly.
And that’s what we’re starting to see now.
After half a year of very little activity, silver is once again moving into India through the IIBX.
Ninety tonnes is still more of an early signal than evidence of any major shortage.
But the timing is interesting.
Silver has risen significantly this year, yet physical metal is once again starting to move into one of the world’s most important consumer markets.
If imports continue in the coming months, the pace will be what I’m watching most closely.
Because with physical silver, it’s not only about where the price is moving.
It also matters where the actual metal is moving.
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