Silver imports surged sharply in 2025, pointing to its growing strategic importance, amid rising industrial demand, supply constraints and geopolitical tensions, according to a report by Global Trade Research Initiative (GTRI).India was the world’s largest importer of refined silver. It is estimated to have imported silver worth $9.2 billion last year, a 44 per cent increase from the previous year, despite a steep rise in prices. Silver prices in India nearly tripled in rupee terms over the past year, climbing from around Rs 80,000–85,000 per kg in early 2025 to above Rs 2.43 lakh per kg by January 2026.The reported stated that silver’s rally has been driven not only by safe-haven buying amid geopolitical uncertainty, including recent developments in Venezuela, but also by a structural shift in global demand. More than half of global silver consumption is now industrial, with high demand in electronics, solar power, electric vehicles, defence equipment and medical technologies. Solar power alone accounts for about 15 per cent of global silver demand.Global trade in refined silver has expanded nearly eight-fold since 2000, reflecting the metal’s transformation from a traditional precious commodity into a critical industrial input. However, supply has failed to keep pace. Persistent annual supply deficits of 200–250 million ounces, combined with largely flat mine output, have tightened global markets.The report also mentioned China’s dominant role in silver processing. While China is the world’s largest processor of silver ores and concentrates, India remains primarily a consumer, importing more than one-fifth of global refined silver trade in 2024. GTRI revealed that India imported about $6.4 billion worth of refined silver that year, while exporting less than $500 million of silver products, pointing to heavy import dependence.Concerns over supply have intensified following China’s move to introduce a licence-based silver export curbs, effective January 1. The new system requires government approval for each export shipment, adding uncertainty to global supply chains.GTRI argued that India must rethink its approach to silver, treating it as a strategic industrial and energy-transition metal rather than merely a precious commodity. “India should recognise silver as a critical industrial and energy-transition metal, not merely a precious commodity, and integrate it into its minerals and clean-energy strategy,” said GTRI founder Ajay Srivastava.“This requires securing long-term supply through overseas mining partnerships and encouraging domestic refining and recycling capacity to reduce dependence on imported finished silver, and diversifying import sources beyond a few trading hubs. In a fragmenting global order, securing silver is becoming as important as securing energy. India’s policy framework must reflect that shift,” he added.The GTRI report also flagged inconsistencies in global trade data. In 2024, reported global imports of silver ores and concentrates exceeded exports by about $3.6 billion, suggesting under-reported or opaque trade flows, particularly involving a small group of supplier countries.
