India’s silver imports surged 129 per cent year-on-year, outpacing gold inflows and significantly altering the country’s precious metals trade composition, according to official trade data.
The sharp rise in silver shipments comes amid elevated gold prices, prompting jewellers, investors and industrial users to increasingly turn to silver as a relatively affordable alternative. Analysts said the price differential between gold and silver has widened in recent months, encouraging higher silver procurement.
Industry sources noted that demand from the jewellery sector, silverware manufacturers and emerging segments such as solar panel production and electronics has contributed to the spike in imports. Silver’s growing role in renewable energy applications has also supported global demand trends.
While gold continues to dominate India’s precious metals import bill in value terms, the faster growth in silver volumes has shifted the overall mix. Economists said this change could have implications for the trade balance, as fluctuations in bullion imports tend to significantly influence monthly deficit figures.
Market participants added that future trends will depend on international price movements, domestic festive demand and currency stability. If gold prices remain elevated, silver may continue to attract stronger buying interest, further reshaping India’s precious metals import dynamics.