Indian Silver Imports Surged In September

India imported 5069.9 tons (163,001,072 ounces) of silver in the first nine months of 2018.

Indian silver imports were 618.28 tons (19,878,163 million ounces) in September.

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Indian Silver Imports Continue to Rise in 2018!

India seem to have the knack of timing the market and importing the most silver when the prices are the lowest. India imported a record 8,529 tons (274.2 moz.) of silver when the price of silver hit a multi-year low of $13.71 per ounce. As prices in 2018 fell from a high of $17.52 an ounce to $16.28 in April, India stepped up its silver imports to 902 tons – its highest monthly total since 1,045 tons were imported in December 2015. When prices of silver temporarily rose in August, Indian silver imports fell.

India satisfies the vast portion of its silver demand (and nearly all of its gold demand) from imports as it has limited domestic silver and gold mining production.

India requires silver for its ambitious solar energy program and for it electronics manufacturing industry. Indeed, India recently completed the world’s largest solar energy facility and has opened the largest phone factory for Samsung.

In addition, further fueling silver demand is a middle class that is increasing in size and wealth has developed a penchant for silver jewelry and silverware.

Indian silver demand has increased exponentially over the past ten years. India, however, has historically been known as a nation with a penchant for gold. Indeed, India has gold giving holidays as the yellow metal is revered for its beauty and as a store of generational wealth. Yet, the Indian government has placed import duties on gold, added a sales tax and initiated a gold monetization scheme designed to get Indians to turn in their gold to in exchange for interest bearing bonds.

While the Indian government’s anti-gold initiatives have dented official gold demand in India, black market sales and imports continue. Silver has been a direct beneficiary of the campaign against gold. Indians prize silver for its beauty and also give it as gifts. It’s not substitute for gold, but it is viewed favorably.

Annual Indian Silver Imports 1999 – 2018

Indian Silver Imports 1999 - 2018

Indian silver imports through September 2018 were 5070 or an average of 563.333 tons. If this average holds throughout the year, India would import nearly 6800 tons (approximately 221 million ounces)of silver in 2018.

Monthly Indian Silver Imports September 2017 – September 2018

Indian Silver Imports September 2017 - September 2018

Indian Silver imports 2017 vs 2018

Monthly Indian Silver Imports August 2014 – September 2018

Indian Silver Imports August 2014 - September 2018

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See 2016 Indian Gold Imports

Indian Silver Imports vs. American Silver Eagle Coin Sales


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

Top silver mining countries by Millions of Ounce

Indian silver demand exceeded the annual mining production of Mexico in 2015.

Source: USGS, GFMS Thomson Reuters/Silver Institute

*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. According to the Silver Institute global silver mining production declined 0.6% in 2016. According to the USGS global silver mining production grew approximately 1% in 2016.

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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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