Rahul Mehta from Silver Emporium said while the festive season brought strong sales during Dhanteras and Diwali, buyers were cautious. “We have seen the buying has been reduced in terms of number of grammage”, said Mehta, adding that investors mostly purchased smaller quantities as they expected prices to fall further.
Mehta said silver buying in terms of volumes jumped 15–20% year-on-year during the festive season even though prices were nearly 80% higher than last Dhanteras. Coins and bars were the most preferred items, while jewellery and artifacts saw limited demand.
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With the festival rush now over, attention has shifted to the wedding season. Mehta expects strong demand for silver jewellery as high gold prices push more buyers towards silver options.
“Silver jewellery in terms of design and finish is as good as gold jewellery,” he said, noting that the trend of destination weddings has also boosted silver’s appeal due to ease of travel and lower declaration hassles.
On the supply side, Mehta said that the market has stabilised and imports could rise this year. India, which typically imports 5,000–6,000 tonnes of silver annually, may see volumes touch 7,000–8,000 tonnes in 2025 due to steady investment and festive demand.
Overall, Mehta remains optimistic about silver’s outlook, expecting stable prices and healthy returns into 2026.
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