Page 14 - Bullion World Volume 03 Issue 6 June 2023

Bullion World | Volume 3 | Issue 6 | June 2023

Day 1: Session 2- Roundtable discussion- Issues and Challenges Concerning the Indian Silver Industry.

Session moderator: Mr Chirag Sheth - Metals focus volatility in demand, etc. If demand is low in India,
Panellist adopting creative and innovative approaches help
Mr Thomas Kendall, ICBC Standard Bank overcome the crisis
Mr Gautam Choksi, Hindustan Platinum
Mr Chirag Thakkar, Amrapali Adapting and reacting quickly to market sentiments
Mr Manish Gavaskar, RBL helps to take informed calls. ICBC Standard Banks’s
Mr Shivanshu Mehta, MCX presence throughout the value chain helps manage
Mr Kishore Choksi, Choksi Heraeus, adversity.

Mr Vijay Murthy, Hindustan Zinc Limited.
In India, silver is mainly used for jewellery or other
Moderator: What has changed the silver market in
applications, and the requirement is mainly in physical
recent years? According to you, what could be the
form rather than digital. The Impact arising from the
major demand drivers?
demand side in India provides a kind of floor for silver
Mr Chirag Thakkar: With silver prices relatively lower
prices.
than gold, many retail and small investors shifted
their focus from gold to silver a few years ago. Post
Moderator: Being one of the most prominent banks
2011, demand for silver has been increasing at a
in the Indian silver market, why are the banks not
gradual pace. As an industrial metal, silver is used
playing an essential role as they do in the gold
in various applications like artefacts, silver jewellery,
market?
and silverware. Silver imports have been stable
Mr Manish Gavaskar: India, on average, imports
throughout. The demand story for silver has been
6000 tonnes of silver. Imports have been gradually
steadily growing, with the same to remain in the years
increasing since 2013, when most investors started
to come.
looking for alternatives to gold, making silver a viable
and comparatively cheaper option. Holding physical
Moderator: ICBC Standard Bank is the biggest
silver in Kg bars is difficult, which is not the case in
supplier of silver to India. As a foreign bank,
gold. The major role of Indian banks with reference
how do you manage the volatility in demand and
to silver is to provide consumers with digital options
mitigate the risk involved in trade with countries
in silver, like ETFs, where any investor can hold a
like India? Can you also brief on the demand for
pocket size. Indian banks are striving to provide
silver originating from India?
product innovations like arbitrage, hedging options,
Mr Thomas Kendall: The strength of ICBC Standard
and funding, giving a distinct role to the banks as it is
Bank, being one of the largest silver bullion banks
supposed to be.
globally, helps navigate market hindrances like

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