High cost of silver and gold affects demand from India yet imports of gold have risen despite this.
(1888PressRelease) January 04, 2012 - MIAMI, FL - Indian candy makers are struggling due to the higher price of silver. Silver leaf is traditionally added to certain candies, which are considered a great delicacy and a popular treat in India but candy makers are having to find inventive ways to circumvent the high cost of silver. The 'barfi' sweets, covered and decorated with silver leaf, are a traditional treat in India. Unfortunately, candy necessarily has a fairly low price point whereas the cost of silver has risen. The high price of silver has forced candy makers to be innovative, using less layers of silver leaf per batch of candy. As the price increases, candy makers look for ways to use less and less, or to substitute other materials.
In addition to the candy market, silver thread is also used to decorate and weave saris. Here, too, the comparatively high price of the metal has meant that silver has had to be mixed with cheaper metals for embroidery thread. Gold thread is also used and the cost of fabric for new saris has risen exponentially as a result.
"Physical demand from India has slowed recently due to the high cost of purchasing the precious metals in rupees," says Bill Hionas of Pan American Metals of Miami. "Nonetheless, UBS stated that sales of physical gold to India were at close to double average levels, Tuesday. This suggests that demand is picking up, despite the higher price point."
Gold coins, ornaments and jewelry are traditional gifts for weddings and major celebrations, such as the Lunar New Year, which falls this year in late January.
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High cost of silver and gold affects demand from India yet imports of gold have risen despite this. 
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