India has cemented its position as the world’s second-largest market for physical silver investment, according to a new report by Metals Focus for the Silver Institute. Together with the US, Germany, and Australia, India accounts for nearly 80% of global silver bar and coin demand.
The study highlights India’s deep-rooted tradition of silver ownership, with bars comprising 70% of retail demand in 2024. Strong local prices lifted retail silver investment by 21% last year, pushing cumulative bar and coin demand to 840 million ounces between 2010 and 2024. Despite record rupee prices, investor selling has remained modest, highlighting the metal’s appeal as a store of value.
Globally, physical silver investment is on the rise, with silver prices up 34% this year — outpacing gold (+28%) and Bitcoin (+18%). The report notes that while US investors still dominate, India has occasionally overtaken the US as the top physical silver market.
The Silver Institute stressed that physical investment remains the most volatile but strategically important segment of silver demand worldwide.