According to the data, the price of silver in January 2025 was around Rs 80,000 to Rs 85,000 per kg, while in January 2026 it increased to around Rs 2.43 lakh per kg.
India Leads Silver Imports: Silver prices in the country are projected to nearly triple by 2025. According to a report by the Global Trade Research Initiative (GTRI), a sharp surge in industrial demand, global geopolitical tensions, and supply-related uncertainties have made silver even more important as a strategic metal.
India is currently the world's largest importer of refined silver. In 2025, the country imported approximately $9.2 billion worth of silver. Interestingly, despite the significant price increase, India's silver imports were 44 percent higher than a year earlier.
Historical rise in prices
According to the data, the price of silver in January 2025 was around Rs 80,000 to Rs 85,000 per kg, while in January 2026 it increased to around Rs 2.43 lakh per kg.
According to GTRI, this sharp rise is not only due to geopolitical tensions or events like the US attack on Venezuela, but also due to the rapid change in the structure of global demand.
Industrial use became the main driver.
Today, more than 50 percent of the world's silver is consumed in industrial sectors. These include:
- electronics,
- Solar energy,
- Electric Vehicles (EVs),
- Defence and Weapon Systems,
- and medical technology.
According to the report, the solar energy sector alone accounts for about 15 percent of global silver demand, reflecting its growing industrial importance.
Demand vs. Supply of Refined Silver
Global demand for refined silver has increased nearly eightfold since 2000. This is a clear indication that silver is no longer just a traditional precious metal but has become a vital input to the modern industrial economy.
However, supply has not kept pace with this growing demand. China continues to dominate this sector. While China is the world's largest exporter of silver, India remains its largest importer.
China's decision raises global concerns.
India's concerns grew further when China mandated a license for silver exports. This new rule, effective January 1, now requires Chinese government approval for every export shipment.
Experts believe that this move may increase pressure on the global silver supply chain, which may lead to further fluctuations in prices in the future.