Last year, silver imports into India hit a new record of 304 million ounces. That crushed the previous import high of 260 million ounces set in 2015.
More than half of the silver flowing into India is used in jewelry and silverware, and about one-third of India’s silver demand comes from investors in physical metal including silver bars and silver coins.
According to a report published by the Silver Institute, since 2010, Indian retail investors have bought around 730 million ounces of silver (22,700 tons). To put that into perspective, that represents about 90% of 2022’s total global silver mine production.
Over the last decade, the only years that silver investment demand fell in India were in 2016