We have taken a major step to give the due recognition to silver by setting up World Silver Council. With representation from both domestic and global silver miners,refiners, traders and users, we hope to get "council" status to this body from the Government. India is the biggest consumer of silver, likely to end up importing a staggering 9000 tonnes in 2015 which is nearly1/3rd of the world's silver production. Although Silver is consumed widely by every segment of our society in the country, be it in jewellery, electrical equipments and industrial fabrication, there are no rules governing any practices in the trade, refining and procurement. With the World Silver Council in place, it is expected that malpractices in this segment will be curtailed, benefiting the consumers.
Silver is consumed in the country not only for making silverware, jewellery but also for electric, electronic, fabrication and solar industries and demand from all these segments in growing significantly year by year. The setting up of World Silver Council will bring in rules and regulations in terms of product standard and other practices.