India has cemented its position as a global leader in silver jewellery production and industrial silver consumption, according to the newly released World Silver Survey 2025 by the Silver Institute. The report points to record-breaking industrial silver demand in 2024, driven by green technologies and the rapid expansion of AI-related industries.
Total global industrial silver demand soared to an all-time high of 680.5 million ounces (Moz), with India playing a crucial role. The country registered a 4% increase in industrial consumption—second only to China—highlighting its expanding role in the global manufacturing ecosystem.
Silver jewellery fabrication, long an area of Indian expertise, also saw notable growth. Worldwide jewellery production rose by 3% to 208.7 Moz, with India accounting for the majority of this uptick. Several tailwinds contributed to this momentum, including reduced silver import duties, a resilient rural economy, and a growing consumer preference for higher-purity silver ornaments.
In the investment space, India defied global trends by recording a 21% surge in silver coin and bar purchases, driven by favorable import conditions and optimistic market sentiment. This strong demand stands in contrast to the worldwide decline in physical silver investment.
However, not all segments of the silver market thrived. Global silverware demand fell 2% to 54.2 Moz, reaching a three-year low. India, traditionally a major market for silverware, saw weaker demand due to high price levels that dampened purchases, especially in the gifting segment.
On the supply side, global mine output edged up slightly by under 1%, reaching 819.7 Moz, but failed to match rising demand. As a result, the silver market remained in a structural deficit for the fourth consecutive year, with a shortfall of 148.9 Moz.
Looking ahead, the report flags potential headwinds in 2025, including trade tensions and US tariff policies that could weigh on industrial silver demand. Even so, ongoing safe-haven buying and investor interest may provide a buffer. Reflecting its renewed appeal, silver prices climbed 21% in 2024, with bullish momentum expected to continue into 2025.
India’s performance across industrial and jewellery sectors positions it as a pivotal player in the evolving global silver landscape—showcasing the country’s dual strength in both consumption and value-added fabrication.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
