India to import 300 tonnes silver in Sept

NEW DELHI: India will import around 300 tonnes of silver in September by ocean freight to meet heavy demand after a drop in prices, after buying just 56 tonnes in the seven months to July-end, a trade body said on Monday.

"By the month-end we are getting some 15 containers of silver, which is equal to 300 tonnes. After that, demand will probably slow down a bit," Suresh Hundia, president of the Bombay Bullion Association, said.

Silver demand has surged on lower prices and as Indians prepare to mark a series of religious festivals.

International silver prices were at $10.93 an ounce on Monday, down from about $19.45 on July 13, due to a fall in crude prices and dollar volatility.