As the festive season begins, gold and silver prices are once again shining bright, but this time the shine comes with a shadow.
In Mumbai, silver has suddenly become scarce. Many jewellery shops say their stocks are empty, while customers complain that whatever little silver is available is being sold on the black market at inflated prices.
In Zaveri Bazaar and other major bullion hubs, traders say they haven’t seen such a situation in years. Some claim the supply has slowed down due to rising global prices and higher import costs.
Others quietly admit that a few large dealers might be holding back stock to push up prices further. The result is that ordinary buyers are struggling to find silver coins or ornaments ahead of Diwali and Dhanteras.
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Experts believe there are several factors driving the sudden shortage of silver in the market. One key reason is the surge in investment demand. With gold prices already at record highs, many small investors are turning to silver as a more affordable option, which has significantly increased buying pressure.
Industrial consumption has also played a major role, as silver is widely used in solar panels, electronic components, and medical equipment, and the rapid growth of these industries has tightened global supply chains.
Adding to the problem are delays in imports and customs clearances. Slower overseas shipments and higher import costs have made it difficult for small and medium bullion traders to replenish their stock, further deepening the supply crunch in local markets.
However, the Directorate of Revenue Intelligence (DRI) is also looking into possible hoarding and smuggling links, as reports suggest unregistered dealers might be controlling part of the local supply.
Whatever the reason, the effect is unmistakable: silver has turned into Mumbai’s new hot metal. Prices continue to climb, and supplies remain tight, putting pressure on both jewellers and buyers.
With the festive season drawing near, the city waits to see whether the market will regain its shine or if silver’s sparkle will remain beyond the reach of ordinary Mumbaikars this Diwali.
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
He is committed to entrenched data, facts, research, solutions, and a dedication to value-based journalism. He has covered trade tariff wars, international alliances, corporate policies, government initiatives, regulatory developments, along with micro- and macroeconomic shifts impacting global fiscal dynamics.
