Silver in short supply, several jewellers taking advance bookings

 

 

A peculiar situation has emerged in the bullion market with short supply of silver at some of the prominent jewellery outlets in the city. With silver in short supply, some city jewellers are taking advance bookings and giving delivery after 20 days. Jewellers said that there has always been good demand for both gold and silver during the Diwali festive season, but this season has been an exception, as the silver demand has skyrocketed to the extremely high proportions thanks to the phenomenal price rise. With the silver prices surging from Rs 1 lakh per kg on April 1 to Rs 1,84,000 per kg on October 15, showing an impressive growth of 84 per cent, has attracted the people and investors alike to buy in huge quantities.

 

According to Rajesh Rokde, Chairman of All India Gems and Jewellery Domestic Council, “There is short supply of silver in the bullion market on account of increasing number of people treating silver as an attractive investment option due to its high returns over the years coupled with increasing industrial demand. The situation created by high prices of silver in the bullion market has changed the shopping landscape for the Diwali festival”. “In order to meet the consumer demand, city jewellers are taking advance bookings for silver items and assuring them of delivery after Diwali,” Rokde added. Another leading jeweller, Kishore Sheth, Director of Batukbhai and Sons Jewellers said that consumers can buy a limited amount of silver in the bullion market. The silver items available in the showcases at the jewellery shops can be purchased by consumers. But, in case a person wants silver in bulk quantities for example more than 10 kilograms then he would have to book in advance.