The World Silver Survey 2025 states that India has become one of the major silver market players, growing significantly both in jewelry and industrial sectors. According to the official report, India experiences this rise against a backdrop of unprecedentedly high global demand for this metal.
2024 saw one of the highest industrial silver demands in the world, reaching approximately 680 Moz (short for million ounces). This highlights how crucial this metal is in fast-changing tech areas. Furthermore, there has been a 4% increase in industrial consumption of silver, which made India the second-biggest player in the market after China.
The production of silver jewelry has also been on the rise. The figures are not going through the roof, but still, global jewelry manufacturing increased from 203 to almost 209 Moz. This growth was also mainly fueled by India, which enjoyed relatively low import tariffs on silver and stable demand for silver ornaments.
India was an outlier with respect to investment, which positively sets it apart from the overall worldwide trend. While the general demand for silver bars and coins fell, the Indian demand skyrocketed 21% as a result of positive import dynamics and strong investment market sentiments.
Despite these upward dynamics, the silver market has seen its fair share of setbacks. Global silverware demand decreased by 2%, hitting a 3-year low of 54 Moz. Although Indians typically have a strong interest in buying silverware, they weren’t as enthusiastic last year. It seems that elevated silver prices within the gifting market are to blame.
At the same time, global silver mine production grew modestly to 819.7 Moz (less than a 1%-increase). Unfortunately, this yield wasn’t sufficient to meet the higher demand. The market continues to face a deficit for the 4th year in a row, with a shortfall of about 150 Moz in 2024.
The Silver Institute’s predictions for 2025 take into account multiple factors, such as rising commercial tensions and new US tariff policies that could potentially affect industrial silver demand. At the same time, the safe-haven buying will probably “cushion the blow”. With bullish trends expected to continue in the near future, silver had a 21% gain in 2024, which proves investors’ positive outlook.
India’s extensive share in both industrial silver applications and the jewelry sector reaffirms the country’s pivotal role in the global precious metal market. If this dynamic holds up, it won’t be long till India will outperform China in this sector.
