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Indian silver exchange-traded products (ETPs) witnessed a staggering 195% rise in inflows in 2024, contributing 42% to the nation’s annual retail investments, according to The Silver Institute’s “World Silver Survey 2025.” Despite silver prices rising 23% last year and another 12.5% early in 2025, investor interest has surged due to positive price expectations and limited alternatives. Silver ETP holdings hit a record 38.6 million ounces, with retail trading accounts climbing to 185 million. The number of silver ETP funds tripled, while inflows via mutual fund-linked Fund of Funds also boosted demand. Although digital silver lags due to regulation, strong appetite for silver continues, despite expected demand losses in jewelry and silverware due to high prices.

Key Highlights

* Silver ETP inflows in India jumped 195% in 2024. 

* Prices rose 23% in 2024, yet investor interest soared. 

* Silver ETP funds tripled from 4 to 12 in two years. 

* 77 million new retail accounts opened in 2023-2024. 

* Coin and bar demand hit a 9-year high despite global fall. 

Silver prices continued their bullish run with a 23% increase in 2024 and a further 12.5% jump so far in 2025, reaching $32.509 per ounce. Despite these rising prices, investor appetite for silver in India has hit record levels. According to The Silver Institute’s “World Silver Survey 2025,” Indian inflows into silver ETPs skyrocketed by 195% last year, accounting for 42% of retail investments.

Supporting this surge is a 10% additional rise in 2025, fueled by positive price expectations and limited alternatives for silver investment. The number of funds offering silver ETPs tripled, from four in 2022 to twelve currently. ETPs, first launched in January 2022 and backed by LBMA-accredited silver, have now reached a record 38.6 million ounces in holdings.

Retail trading accounts surged from 41 million in 2020 to 185 million by end-2024, with 77 million added in just the past two years. Strong inflows through Fund of Funds (FoFs), set up by mutual funds to invest in ETPs, also contributed significantly.

In commodity trading, silver futures turnover rose 5%, and options trading more than doubled. Meanwhile, the India International Bullion Exchange saw silver turnover of 36.2 million ounces in 2024, making up 16% of the country’s imports.

Although industrial demand rose 4%, recycling activity remained subdued. Jewelry and silverware demand is projected to decline in 2025 due to high prices. Coin and bar investments touched a nine-year high despite a global decline, but profit-taking may reduce demand ahead.

Finally

India's silver ETP market is booming, and despite rising prices, it continues attracting investors—driving India’s share in the global silver market to new heights.

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