India’s Silver Imports Surge Amid Price Rally
India’s silver imports surged to an estimated USD 9.2 billion in 2025, marking a 44% increase from the previous year despite a sharp rise in global prices. Silver prices in India nearly tripled in rupee terms during the year, climbing from around Rs 80,000–85,000 per kg at the beginning of 2025 to over Rs 2.43 lakh per kg by early January 2026. The rally is attributed to a combination of geopolitical tensions, investor demand, and strong industrial consumption.
Silver Shifts From Precious Metal To Strategic Industrial Input
Globally, silver has undergone a transformation from a traditional precious metal to a critical industrial input. More than half of global silver demand is now industrial, driven by electronics, solar power, electric vehicles, defence applications, and medical technologies. Solar energy alone accounts for roughly 15% of global silver consumption, a share that continues to rise as renewable capacity expands. Global trade in refined silver has expanded nearly eight-fold since 2000, reaching over USD 31 billion in 2024, while persistent supply deficits of 200–250 million ounces per year have emerged as mine output remains largely flat.
Strategic Risks And Policy Imperatives for India
India accounted for about 21.4% of global refined silver imports in 2024, making it the single largest importer. Unlike China, which dominates global silver processing by importing ores and concentrates and exporting higher-value manufactured products, India largely imports finished silver in bars and rods. In FY2025, India exported less than USD 500 million worth of silver products while importing over USD 4.8 billion, highlighting its heavy import dependence.
The Global Trade Research Initiative (GTRI) warns that growing global supply risks, including China’s new licence-based silver export regime and opaque trade flows, could heighten India’s strategic vulnerability. GTRI recommends treating silver as a critical industrial and energy-transition metal, expanding domestic refining and recycling capacity, securing overseas mining partnerships, and diversifying import sources. Without such measures, India’s long-term industrial and clean-energy ambitions could be constrained.
(This article has been syndicated from ANI, edited for clarity)
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