INDIA May 16 2017 11:29 AM

MUMBAI (Scrap Register): India's plan of demonetisation has affected the demand for Silver bar in India which has resulted in drop of global investment in Silver by about half in 2016.

The world Silver mine production has declined by 0.6 percent in 2016 to 885.5 million ounce, a drop of 0.6 percent which is seen in the first time since 2002, as per the World Silver Survey 2017.

Production drop of 15.9 million ounce combined was attributed for Lead, Zinc and Gold sectors. The physical demand for Silver was seen a decline of 11 percent to 1027.8 million ounce from last year. 

Coins and bar investments were recorded the largest fall as it fell by about 29 percent to about 206.8 million ounce from last year.