India's Silver Thirst: 90% Imported Despite Soaring Demand & Prices

• India is a top global silver consumer, driven by traditional, investment, and industrial uses (solar, electronics).
• Domestic production is critically low (700-800 tonnes vs. 5,000-7,000 tonnes demand), mainly a byproduct of zinc mining by Hindustan Zinc Limited in Rajasthan.
• India imports 80-90% of its silver, primarily from Mexico, China, Argentina, and Chile, making it vulnerable to global price changes.
• Consumption patterns shifted: industrial and investment demand now rival traditional jewelry/puja uses.
• Despite 2025 price surges (>2 lakh/kg) and global scarcity, overall demand remained high, especially from industrial and investment sectors.

Why It Matters: India's silver demand far outstrips domestic supply, ensuring continued heavy reliance on imports.