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High gold prices push many Indians to silver for Diwali

Friday, November 16th

It is not just gold that caught the eye of Indian consumers celebrating Diwali. Brisk business in silver was also seen in select parts of the country.

Given the high price of gold and the Indian government’s new regulation on buying gold and tax deductions at source, the sale of silver items at jewellery shops soared to a new high.

"Silver has proved to be the preferred substitute with most retail buyers this Diwali,'' said Manish Mehta of bullion retailer, D P Zaveri and Sons. ``Customers came in asking for silver coins, corporate gifting products, small utensils to be used at home and for silver items to conduct puja (the ceremony for prayers),'' he added.

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