India Tops Global Silver Imports in 2025 as Supply Risks Grow

New Delhi: India emerged in 2025 as the world’s largest importer of refined silver, with shipments worth roughly $9.2 billion, a sharp rise from the previous year, according to a report by Global Trade Research Initiative (GTRI).

This milestone reflects how silver has shifted from a traditional precious metal to a key industrial input. Analysts say securing a stable supply of silver now ranks alongside energy security in strategic importance.

What's driving India's silver import boom?

Data from trade reports show that silver imports climbed about 44 per cent year-on-year in 2025 as demand grew across multiple sectors. Silver isn’t only used in jewellery anymore. It plays a vital role in electronics, solar panels, electric vehicles and medical equipment, industries that are expanding fast in India and worldwide. 

Prices in India have also spiked, with silver rising sharply in rupee terms over the past year. Despite the higher cost, businesses and buyers kept bringing in more metal, underlining its growing industrial value. 

Why is supply security a concern?

The reports also point out that India relies heavily on imports of finished silver products and has limited domestic processing capacity. In contrast, China leads the world in processing raw silver ores into refined forms. This means China imports ores and concentrates, then exports higher-value products used in advanced manufacturing. 

The dependence on external sources makes India vulnerable to global supply shifts. China recently tightened controls on silver exports, moving to a licence-based system that demands government approval for shipments from January 1, 2026. This has added uncertainty for buyers who depend on steady supplies.

Can India reduce its dependence?

GTRI founder Ajay Srivastava urged India to rethink its approach. They say the country needs to treat silver as a critical industrial and energy-transition mineral, not just a precious metal for investment or jewellery. That means investing in domestic refining, recycling and long-term overseas mining partnerships, and diversifying supply sources beyond a few trading hubs. 

Boosting local processing would help India add value within its own economy and reduce vulnerability to external policy changes. With global competition for critical materials intensifying, many see this as essential for future growth and resilience. 

What’s next for India’s silver strategy?

There’s growing talk in business circles about weaving silver more directly into national policy — similar to how energy security is handled. As India pushes ahead with electrification, renewable energy and tech industries, securing reliable access to silver could become a major economic and strategic priority in the years to come.