India is Asia’s largest silver coin fabricator

silver coins

Credit: Piqsels

For a long time now, India has been in productive competition with china over being the biggest coin fabricator in Asia. India started indulging in coin fabrication in 2011 and has been doing well up to 2014. Worldwide, India has been ranked in the fourth position in the coin fabrication list. Since 2011, the coin fabrication enterprise had grown three times bigger than when it started.

What contributed greatly to the high demand was the silver investment that India has received. These investments include individual gifting and corporate investments. Most households consider silver coins to be precious wedding or birthday gifts. This culture was discovered and analyzed by the Global Silver Survey.

A coin weight since India started fabrication has risen from 50 gm to about 200 gm. The imported coin has a low share since most of it is fabricated domestically. The rise of coin fabrication began after the prices of gold coins ascended to high levels. When silver coin fabrication began, customers were open and willing to purchase these silver coins since the silver prices were less than the gold coins.

With this positive response from the customers, the practice grew bigger in the market. India managed to produce silver-studded accessories and could export some of their products. This also created a path for the coin fabrication business, which gradually grew bigger every day. The coin fabrication was purposed for investments and individual gifting. The silver coins were also discovered to be an easy way to store one’s wealth.

Before this practice began, India imported its silver metal from outside countries. This resulted in India incurring high silver importation costs, which affected their economy. However, once they learned about the coin fabrication expertise, they stopped importing the silver coins. The level of gold coin purchases went down, but the silver coin buying rates improved with time.

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