Precious Metals Market Update: Palladium Rises, Silver Faces India Import Restrictions, Gold ETF Outflows Persist – News and Statistics

Jul 13, 2026

Palladium secured its position as the top-performing precious metal for a second straight week, gaining 0.63%. The uptick could stem from short covering after a steep slide that started in February or possibly from diminished Russian exports.

Gold Output and Central Bank Activity

DPM Metals’ gold production surpassed Canaccord’s projection by 31%, largely due to better-than-expected results at Vares, where a scheduled plant shutdown took seven days instead of the planned 20. Output also got a boost from a robust quarter at Ada Tepe after its final production blast in April.

Central bank gold purchases accelerated in May, hitting 41 tons—the highest monthly figure since November 2025, per World Gold Council data. Poland led with 18 tons, continuing its buying streak and pushing year-to-date acquisitions to 64 tons. China added 10 tons, its largest monthly increase since December 2024, lifting its gold reserves to 2,331 tons. Uzbekistan and Kazakhstan also remained active buyers, adding 9 tons and 7 tons, respectively.

Silver Market Strains

India’s curbs on silver imports are causing shortages in the world’s largest silver market, according to Reuters, driving premiums to six-month highs despite softer-than-normal demand. Premiums over official domestic prices jumped to $6.50 per ounce this week, exceeding benchmark prices by over 10%, based on dealer interviews. This followed a steep drop in silver imports, which fell to 46.8 tons in May from 534.3 tons a year earlier, with one dealer indicating June imports declined further. India’s silver measures are part of a broader effort to relieve pressure on foreign exchange reserves and support the rupee after the Iran oil shock.

Sector Weaknesses

Silver was the week’s worst-performing precious metal, dropping 1.46%, as the 2-year Treasury yield rose 7 basis points. However, weaker U.S. labor data and more dovish remarks from Fed Governor Warsh generated tailwinds from strategic diversification demand. BMO noted that the largest weekly gold ETF outflows since 2018 suggest speculative institutional and retail investors are continuing to shift away from gold as sentiment improves toward AI and growth sectors.

De Beers has made some of its deepest cuts ever to official diamond prices, potentially ending a multiyear effort to keep prices well above market levels, Bloomberg reported. Torex Gold Resources fell 14% this week after reporting gold-equivalent production of 96,300 ounces, which was 10% below NBF’s estimate and 9% below consensus. The shortfall was due to lower-than-expected grades. While NBF had forecast grades would stay low in Q2 at levels similar to Q1 based on the company’s planned mine sequencing, actual results fell short. Management kept its 2026 guidance and still expects grades to improve in the second half of the year.

Opportunities

Genesis submitted a definitive scrip and cash offer to acquire Vault Minerals for a headline value of A$5.6 billion. The bid represents a 14.5% premium over Regis Resources‘ May scrip offer based on the last closing price. A combined Vault-Regis Resources entity would have pro forma gold production of 600,000 to 700,000 ounces, lower milling costs, and a combined market capitalization of A$12.5 billion.

Hong Kong’s pension fund will reportedly be allowed to invest in additional gold ETFs as part of the government’s push to establish the city as a global gold trading hub, the South China Morning Post reported, citing an unnamed source. Mineros raised its full-year 2026 consolidated gold production guidance to 220,000–240,000 ounces, up from the prior range of 213,000–233,000 ounces. The revision reflects sustained metallurgical outperformance and throughput gains at its Hemco Property in Nicaragua, according to Bloomberg.

Threats

Silver substitution risk is emerging: China’s largest solar manufacturer, Longi Green Energy Technology Co., has started producing solar cells using copper instead of silver in response to rising silver prices. Its Shaanxi facility is now operational, marking a key step toward large-scale adoption of the company’s next-generation cell technology. This shift reflects broader solar industry efforts to cut costs with alternative materials, as the sector accounts for about 17% of global silver demand.

Substitution between platinum and palladium also plays a role, with the choice largely driven by economics. Morgan Stanley noted that original equipment manufacturers typically need six to 12 months to change formulations. Adjustments in catalyst metal composition apply to both existing and new vehicle models within that timeframe. For context, China’s palladium consumption fell by 434,000 ounces since 2022 to 1.4 million ounces in 2025, while platinum consumption rose by 275,000 ounces to 683,000 ounces over the same period.

A wave of profit-taking in the gold market has ended a three-year bull run, but there is little evidence of investors building large-scale short positions expecting further declines. Investors have pulled nearly $18 billion from gold ETFs tracked by Bloomberg since prices peaked at all-time highs near $5,600 per ounce in January.

Interactive table based on the Store Companies dataset for this report.

#	Company	Headquarters	Focus	Scale	Note
1	Hindustan Zinc Ltd	Udaipur, Rajasthan	Zinc, Lead, Silver	Large	Largest integrated silver producer in India
2	Gujarat Mineral Development Corp	Ahmedabad, Gujarat	Silver, Metals, Mining	Large	State-owned mining company
3	Minerals and Metals Trading Corp	New Delhi, Delhi	Trading, Silver, Metals	Large	Government trading enterprise
4	Hindalco Industries Ltd	Mumbai, Maharashtra	Aluminum, Copper, Silver	Large	Silver as by-product of copper refining
5	Rajesh Exports Ltd	Bengaluru, Karnataka	Gold, Silver, Jewelry	Large	Major refiner and exporter of silver
6	MMTC-PAMP India Pvt Ltd	Gurugram, Haryana	Silver & Gold Refining, Bars	Large	Joint venture, major refiner
7	ITC Ltd	Kolkata, West Bengal	Diversified, Silverware	Large	Mint & Silverware division
8	Tata Metaliks	Kolkata, West Bengal	Pig Iron, Silver By-product	Medium	Silver from certain processes
9	Shree Ramkrishna Exports	Surat, Gujarat	Diamond & Gold Jewelry, Silver	Large	Significant silver jewelry maker
10	Renuka Jewellers	Hyderabad, Telangana	Jewelry, Silver Articles	Medium	Manufacturer and retailer
11	PC Jeweller Ltd	New Delhi, Delhi	Gold, Diamond, Silver Jewelry	Large	Retail chain with silver products
12	Tribhovandas Bhimji Zaveri	Mumbai, Maharashtra	Jewelry Retail, Silver	Large	Major retailer with silver items
13	Malabar Gold & Diamonds	Kozhikode, Kerala	Jewelry Retail, Silver	Large	Pan-India retailer
14	Senco Gold & Diamonds	Kolkata, West Bengal	Jewelry Retail, Silver	Large	Eastern India focused retailer
15	C. Krishniah Chetty & Sons	Bengaluru, Karnataka	Jewelry, Silverware	Medium	Heritage jewelry brand
16	GRT Jewellers India Ltd	Chennai, Tamil Nadu	Gold, Diamond, Silver Jewelry	Medium	South India based retailer
17	Joyalukkas India Ltd	Thrissur, Kerala	Jewelry Retail, Silver	Large	International chain based in India
18	Orra Fine Jewellery	Mumbai, Maharashtra	Diamond, Gold, Silver Jewelry	Medium	Tribhovandas group company
19	Vaibhav Global Ltd	Jaipur, Rajasthan	Fashion Jewelry, Silver	Medium	TV and e-commerce retailer
20	Amrapali Jewels	Jaipur, Rajasthan	Traditional Jewelry, Silver	Medium	Known for silver artifacts
21	Geetanjali Jewels	Mumbai, Maharashtra	Jewelry Retail, Silver	Medium	Part of diversified group
22	Swarovski India Pvt Ltd	Mumbai, Maharashtra	Crystal, Silver-plated Goods	Large	Indian subsidiary, silver-plated items
23	Silver Plus (Unit of Shanti Jewels)	New Delhi, Delhi	Silver Jewelry & Ware	Medium	Specialized silver brand
24	Silver Inn	Mumbai, Maharashtra	Silver Jewelry & Gifts	Small	Specialized silver manufacturer
25	Silver House	Jaipur, Rajasthan	Silver Jewelry & Artifacts	Small	Manufacturer and exporter
26	Mittal Gold & Silver Refinery	Ahmedabad, Gujarat	Refining, Silver	Medium	Precious metals refinery
27	Riddhi Siddhi Bullion Ltd	Mumbai, Maharashtra	Bullion Trading, Silver	Medium	Refiner and trader
28	Augmont Enterprises Pvt Ltd	Mumbai, Maharashtra	Bullion, Silver Products	Medium	Refiner and retailer
29	Indian Platinum Refinery Pvt Ltd	Mumbai, Maharashtra	PGM & Silver Refining	Medium	Refines silver with platinum group
30	Muthoot Precious Metals Corp	Kochi, Kerala	Gold, Silver Refining & Bars	Medium	Part of Muthoot Pappachan group

This report provides a comprehensive view of the silver industry in India, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.

Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the silver landscape in India.

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Key findings

Domestic demand is shaped by both household and industrial usage, with trade flows linking local supply to imports and exports.
Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
Supply depends on input availability and production efficiency, creating a distinct national cost curve.
Market concentration varies by segment, creating different competitive landscapes and entry barriers.
The 2035 outlook highlights where capacity investment and demand growth are most aligned within the country.

Report scope

The report combines market sizing with trade intelligence and price analytics for India. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.

Market size and growth in value and volume terms
Consumption structure by end-use segments
Production capacity, output, and cost dynamics
Trade flows, exporters, importers, and balances
Price benchmarks, unit values, and margin signals
Competitive context and market entry conditions

Product coverage

Prodcom 24411030 – Silver, unwrought or in powder form (including plated with gold or platinum)
Prodcom 24411050 – Silver, in semi-manufactured forms (including plated with gold or platinum) (excluding unwrought or in powder form)

Country coverage

Country profile and benchmarks

This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for India. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.

Methodology

The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.

International trade data (exports, imports, and mirror statistics)
National production and consumption statistics
Company-level information from financial filings and public releases
Price series and unit value benchmarks
Analyst review, outlier checks, and time-series validation

All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.

Forecasts to 2035

The forecast horizon extends to 2035 and is based on a structured model that links silver demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in India.

Historical baseline: 2012-2025
Forecast horizon: 2026-2035
Scenario-based sensitivity to income growth, substitution, and regulation
Capacity and investment outlook for major producing companies

Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.

Price analysis and trade dynamics

Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.

Price benchmarks by country and sub-region
Export and import unit value trends
Seasonality and calendar effects in trade flows
Price outlook to 2035 under baseline assumptions

Profiles of market participants

Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.

Business focus and production capabilities
Geographic reach and distribution networks
Cost structure and pricing strategy indicators
Compliance, certification, and sustainability context

How to use this report

Quantify domestic demand and identify the most attractive segments
Evaluate export opportunities and prioritize target destinations
Track price dynamics and protect margins
Benchmark performance against leading competitors
Build evidence-based forecasts for investment decisions

This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of silver dynamics in India.

FAQ

What is included in the silver market in India?

The market size aggregates consumption and trade data, presented in both value and volume terms.

How are the forecasts to 2035 built?

The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.

Does the report cover prices and margins?

Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.

Which benchmarks are included?

The report benchmarks market size, trade balance, prices, and per-capita indicators for India.

Can this report support market entry decisions?

Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.

1. INTRODUCTION

Report Scope and Analytical Framing
1. Report Description
2. Research Methodology and the Analytical Framework
3. Data-Driven Decisions for Your Business
4. Glossary and Product-Specific Terms
2. EXECUTIVE SUMMARY

Concise View of Market Direction
1. Key Findings
2. Market Trends
3. Strategic Implications
4. Key Risks and Watchpoints
3. DOMESTIC MARKET SIZE AND DEVELOPMENT PATH

Market Size, Growth and Scenario Framing
1. Market Size: Historical Data (2012-2025) and Forecast (2026-2035)
2. Growth Outlook and Market Development Path to 2035
3. Growth Driver Decomposition
4. Scenario Framework and Sensitivities
4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES

Commercial and Technical Scope
1. What Is Included and How the Market Is Defined
2. Market Inclusion Criteria
3. Product / Category Definition
4. Exclusions and Boundaries
5. Distinction From Adjacent Products and Substitute Categories
5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX

How the Market Splits Into Decision-Relevant Buckets
1. By Product Type / Configuration
2. By Application / End Use
3. By Customer / Buyer Type
4. By Channel / Business Model / Technology Platform
5. Segment Attractiveness Matrix
6. Product Matrix and Segment Growth Logic
6. DOMESTIC DEMAND, CUSTOMER AND BUYER ARCHITECTURE

Where Demand Comes From and How It Behaves
1. Consumption / Demand: Historical Data (2012-2025) and Forecast (2026-2035)
2. Demand by End-Use and Buyer Group
3. Demand by Customer / Consumer Segment
4. Purchase Criteria, Switching Logic and Adoption Barriers
5. Replacement, Replenishment and Installed-Base Dynamics
6. Future Demand Outlook
7. DOMESTIC PRODUCTION, SUPPLY AND VALUE CHAIN

Supply Footprint and Value Capture
1. Production in the Country
2. Domestic Manufacturing Footprint
3. Capacity, Bottlenecks and Supply Risks
4. Value Chain Logic and Margin Pools
5. Distribution and Route-to-Market Structure
8. IMPORTS, EXPORTS AND SOURCING STRUCTURE

Trade Flows and External Dependence
1. Exports
2. Imports
3. Trade Balance
4. Import Dependence
5. Sourcing Risks and Resilience
9. PRICING, PROMOTION AND COMMERCIAL MODEL

Price Formation and Revenue Logic
1. Domestic Price Levels and Corridors
2. Pricing by Segment / Specification / Channel
3. Cost Drivers and Margin Logic
4. Promotion, Discounting and Procurement Patterns
5. Revenue Quality and Commercial Levers
10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER

Who Wins and Why
1. Market Structure and Concentration
2. Competitive Archetypes
3. Segment-by-Segment Competitive Intensity
4. Portfolio Breadth and Product Positioning
5. Capability Matrix
6. Strategic Moves, Partnerships and Expansion Signals
11. DOMESTIC MARKET STRUCTURE AND CHANNEL LOGIC

How the Domestic Market Works
1. Core Demand Centers
2. Local Production and Distribution Roles
3. Channel Structure
4. Buyer and Procurement Architecture
5. Regional Imbalances Within the Country
12. GROWTH PLAYBOOK AND MARKET ENTRY

Commercial Entry and Scaling Priorities
1. Where to Play
2. How to Win
3. Distributor / Partner / Direct Entry Options
4. Capability Thresholds
5. Entry Risks and Mitigation
13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES

Where the Best Expansion Logic Sits
1. Most Attractive Product Niches
2. Most Attractive Customer Segments
3. White Spaces and Unsaturated Opportunities
4. High-Margin and Underpenetrated Pockets
5. Most Promising Product Adjacencies
14. PROFILES OF MAJOR COMPANIES

Leading Players and Strategic Archetypes
1. Leading Manufacturers and Suppliers
2. Production Footprint and Capacities
3. Product Portfolio and Segment Focus
4. Pricing Positioning and Indicative Price Logic
5. Channel / Distribution Strength
6. Strategic Archetypes
15. METHODOLOGY, SOURCES AND DISCLAIMER

How the Report Was Built
1. Modeling Logic
2. Source Register
3. Publications, Regulatory and Industry References
4. Analytical Notes
5. Disclaimer

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Hindustan Zinc Ltd

Largest integrated silver producer in India

Gujarat Mineral Development Corp

State-owned mining company

Minerals and Metals Trading Corp

Government trading enterprise

Hindalco Industries Ltd

Silver as by-product of copper refining

Rajesh Exports Ltd

Major refiner and exporter of silver

MMTC-PAMP India Pvt Ltd

Joint venture, major refiner

ITC Ltd

Mint & Silverware division

Tata Metaliks

Silver from certain processes

Shree Ramkrishna Exports

Significant silver jewelry maker

Renuka Jewellers

Manufacturer and retailer

PC Jeweller Ltd

Retail chain with silver products

Tribhovandas Bhimji Zaveri

Major retailer with silver items

Malabar Gold & Diamonds

Pan-India retailer

Senco Gold & Diamonds

Eastern India focused retailer

C. Krishniah Chetty & Sons

Heritage jewelry brand

GRT Jewellers India Ltd

South India based retailer

Joyalukkas India Ltd

International chain based in India

Orra Fine Jewellery

Tribhovandas group company

Vaibhav Global Ltd

TV and e-commerce retailer

Amrapali Jewels

Known for silver artifacts

Geetanjali Jewels

Part of diversified group

Swarovski India Pvt Ltd

Indian subsidiary, silver-plated items

Silver Plus (Unit of Shanti Jewels)

Specialized silver brand

Silver Inn

Specialized silver manufacturer

Silver House

Manufacturer and exporter

Mittal Gold & Silver Refinery

Precious metals refinery

Riddhi Siddhi Bullion Ltd

Refiner and trader

Augmont Enterprises Pvt Ltd

Refiner and retailer

Indian Platinum Refinery Pvt Ltd

Refines silver with platinum group

Muthoot Precious Metals Corp

Part of Muthoot Pappachan group

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