New Delhi [India], January 7: India’s silver imports surged to an estimated USD 9.2 billion in 2025, marking a 44% rise from the previous year despite steep increases in global prices. The Global Trade Research Initiative (GTRI) has warned that India’s heavy reliance on imported silver, coupled with limited domestic processing capacity, could pose a strategic vulnerability amid tightening global demand and rising geopolitical risks.
Silver prices in India nearly tripled in rupee terms during 2025, climbing from around Rs 80,000–85,000 per kg at the start of the year to over Rs 2.43 lakh per kg by early January 2026. The surge is attributed to geopolitical tensions, strong investor demand, and robust industrial consumption.
Globally, silver is increasingly used as an industrial input, with more than half of demand driven by electronics, solar energy, electric vehicles, defence, and medical technologies. Solar power alone accounts for roughly 15% of global silver consumption, a share that continues to rise. Global trade in refined silver has grown 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 due to flat mine output.
India accounted for about 21.4% of global refined silver imports in 2024, making it the world’s largest importer. Unlike China, which imports ores and exports high-value silver products, India primarily 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 the country’s import dependence.
The GTRI report also flagged growing global supply risks, including China’s shift to a licence-based silver export regime from January 2026 and opaque trade flows reflected in a USD 3.6 billion gap between reported global silver ore exports and imports in 2024.
GTRI recommends that India treat silver as a critical industrial and energy-transition metal rather than a mere precious commodity. The report urges expanding domestic refining and recycling capacity, securing overseas mining partnerships, and diversifying import sources to mitigate strategic risks. Failure to address these vulnerabilities, the report warns, could constrain India’s long-term industrial and clean-energy ambitions.
About The Author
