Silver falls under the category of precious metals and is found more abundantly than gold. Owing to the diverse uses of silver other than its use as jewelry, the metal is consumed in huge amount in Chennai, much in the same manner as in other metro cities.
In the present time, silver is sought as an asset, as an industrial commodity and also as an investment. The average annual demand for silver in India is about 3000 Metric Tonnes (MT) per year. Silver production being low in India, the demand of the country is met through silver imports.