Page 12 - Bullion World Volume 02 Issue 01 May 2022

Bullion World | Volume 2 | Issue 01 | May 2022

It is said provisions made under
7106 are perfect for growing
the silver business in India, your
view on this?
Mr Prithviraj Kothari: If we reduce
the customs duty or tariff value
under silver, it will be well and
good. India imports more than
5000 tons of silver. There are
various refineries also here. If this
is allowed, we can compete with
anyone anywhere.

What is the trend of silver import
from the UAE? Will this provision
enables the growth of silver
bullion from the UAE, and will to do more, especially from the an advantage but not so great.
the refineries in UAE will be second year when there is a clear
enthusiastic about it? difference of 1 Mr Bhargava: You will not see
Mr Pramod Mohan: Currently, a lot of silver flowing in as the
silver is never a strong point for Mr Srinivasan:100%. Right now, basic infrastructure is smaller.
UAE refiners in the last couple of there is not much silver jewellery We may find that some small bars
years. It’s always been gold, but exported to UAE. But the moment coming elsewhere in the world
in the previous 1-2 years, one there is no duty trading, that will may be better supplied by the UAE
or two refiners have been very start happening for sure. refinery. Maybe after 2-3 years,
active on the silver side, especially Mr Siroya: Dubai is not a very big when the differential is more than
on the small bars and the silver silver market. There is hardly any 2-3%, this .5% will do nothing to
coins. They have been importing silver scrap in UAE. So, to export change. Once you have 2-3% of the
silver into India regularly. So to India, the refiners will have to differential, you will find something
definitely, this duty differential import silver bars or scrap jewellery interesting in silver.
would incentivise those refiners from other countries. So, I think it is

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