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Mineweb reported that Indian silver demand took a nose dive in 2012, with imports falling some 80 percent.

Mineweb reported that Indian silver demand took a nose dive in 2012,  with imports falling some 80 percent.

As quoted in the market report:

An India analyst for GFMS said that India’s customs duty at 6% and lack of price direction has kept many investors away. “The 12% rally in September after months of lacklustre return was an opportunity for many to take away profits and several people offloaded their stocks. The trend is unlikely to be reversed soon,” he added.

To view the whole Mineweb report, click here.

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