Indian Silver Imports Rise 42% in October

October 2016 Indian Silver Imports Were 319 Tons (approximately 10.256 million ounces)

Indian Silver Imports Were Up 42% from 225 Tons (7.23 million ounces) in September.

Silver imports were down 55% from 703 tons (22.6 million ounces) imported in October 2015.

Will India’s demonetization and “war on gold” lead to greater silver demand in India?

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Indian Silver Import Update.

Last year we released a survey of India and Silver that covered supply and demand in that country. We noted that silver was India’s second metal to gold. Since we produced that report, Indian silver imports surged in 2015 then plummeted in 2016.

Indian silver imports rose 20% in 2015 from 2014. Silver imports in 2016 have fallen 57% in the first ten months of 2016 from 6,874 tons to 2936 tons.

In October, Indian silver imports were 319 tons (approximately 10.256 million ounces) bringing the total for the first ten months of 2016 to 2936 tons or approximately 94.394 million ounces, down 57% from 6,874 tons (approximately 221 million ounces) imported from January – October 2015.

Silver imports have been negatively impacted by a nationwide jewelery strike began as a protest against the Indian government’s institution of a sales tax on gold. Higher silver prices have also slowed Indian silver imports.

Annual Indian Silver Imports


Indian Silver imports through the first ten months of 2016 are approximately 94.394 million ounces, or about ten million ounces more than the amount of silver used by the U.S. Mint to produce a record 47 million American Silver Eagle coins in 2015 and the silver used to produced all of the American Silver Eagles minted through December 2016 (37,701,500)

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Monthly Indian Silver Imports

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Indian Silver Imports vs. Global Silver Mining Production

Silver miners increased production in 2015.* Their efforts however, were not enough to meet demand, much of the increased demand coming from India (the other from sovereign mint coin and privately minted silver bar and round demand).

Mexico’s silver mining production in 2015 was 189.5 million ounces up 1.7% from 2015. Peru’s silver mining production increased 10.6% in 2015 to 135.9 million ounces.

silver mining output by country 2015 compared to 2014

The top two silver mining countries, Mexico and Peru increased their output in 2015.

Rounding out the top twenty silver mining countries in 2015 were (in order from 11-20) Guatemala, Kazakhstan, Sweden, Canada, India, Indonesia, Morocco, Turkey, Dominican Republic and Armenia.

To put India’s silver imports in context, the 8,506 tons of silver imported into India in 2015 or 273 million ounces is about a third of the approximately 870 million ounces of silver mined in the world in 2015. While India imports silver from various nations, the 273 million ounces imported in 2015 is the equivalent of the entire production of Mexico, the world’s leading silver mining country, AND the entire output of the fourth largest silver mining country, Australia.

China is the third largest silver mining country in the world and retains nearly all of their mining production. Therefore, the total global silver mining supply available to India and the rest of the word is not the 870 million ounces global mining supply estimate of the Silver Institute, but something closer to 750 million ounces.

Indian Silver Imports vs. American Silver Eagle Coin Sales

Through the first three quarters of 2016, the United States Mint has sold 34,250,500 one ounce American Silver Eagle coins In 2015 the U.S. Mint sold a recored 47,000,000 American Silver Eagles.


India’s silver demand requirements in 2015 strained global silver supply.

*According to the Silver Institute, global silver mining production increased 2.1% in 2015. Their findings mirror the reports of Societe Generale, the CPM Group, Statistica , the Peruvian and the Mexican governments that indicated that silver mining production increased in 2015.

The Indian silver charts are derived from data pulled from the Indian Ministry of Commerce and Industry, Govt. of India by Nick Laird of GoldChartsrus and are updated monthly and archived on

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