Indian Silver Update 2016

Indian Silver Imports Were Nearly 275 Million Ounces in 2015.

Indian Silver Demand Show No Signs Of Abating in 2016.

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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 have surged. Indian silver imports rose 20% in 2015 from 2014.

Annual Indian Silver Imports

indian annual silver imports 2008 - 2016

Indian silver imports rose to over 273 million ounces in 2015.

Monthly Indian Silver Imports

indian monthly silver imports 2014 - 2016 January

Indian Silver imports in January 2016 were 20.9 million ounces.

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

Indian Silver Imports vs. Global Silver Mining Production

To put India’s silver imports in context, 273 million ounces is about a third of the approximately 867 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 867 million ounces global mining supply estimate of the Silver Institute, but something closer to 750 million ounces.

worlds top silver producing nations

India’s silver mining imports require a third of the global annual silver mining production to satisfy.

Indian Silver Imports vs. American Silver Eagle Coin Sales

In the first quarter of 2016, the United States Mint set a record for the most American Silver Eagle coins eagles ever sold in a quarter. The U.S. Mint sold 14,842,500 American Silver Eagles in the first quarter of 2016. In January 2016 alone India imported nearly 21 million ounces of silver.

With silver mining production expected to decline nearly 10% in 2016, and Indian demand expected to remain robust, we may finally see the impact of a silver supply demand deficit on the price of silver, especially if silver coin, round and bar demand in the United States, Canada, Australian and Europe continue to surge.

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