Indians importing record amounts of silver

With restrictions on gold imports this year, Indians have turned to a different precious metal: Silver.

Reuters reports that Indian silver imports are on track to hit record highs this year.

This may provide some relief for the precious metal, as prices try to overcome steep drops since last year – silver fell from $34.00 per ounce in October 2012 to $18 in June 2013 to $22 per ounce today.

According to Reuters research India imported more than 1,000 tonnes of silver from January to August 2013 – double the 2012 amount.

But compared to gold imports, silver doesn't come close. The country imported $52 billion worth of gold in 2012. Silver totalled $1.8 billion.