Silver prices in India have surged to an unprecedented Rs.1,85,000 per kg & surpassing with every minute or hour or day, (inclusive of taxes), up Rs.6,000 + in a single day and a staggering 106% so far this year, creating a severe shortage that threatens the country’s silver jewellery exports.

The Gem & Jewellery Export Promotion Council (GJEPC) is convening with exporters and retailers to assess the situation and explore solutions before escalating the matter to the government.

“There is a tremendous shortage of supply, which will impact our exports of silver jewellery. We are engaging stakeholders and will call a meeting shortly,” said GJEPC Chairman Kirit Bhansali.

India’s silver jewellery exports had grown 17.43% year-on-year to $596.41 million in the first half of this fiscal year. However, rising industrial demand for silver in electronics, solar panels, batteries, and its recent classification as an essential mineral by the US has tightened global supplies, diverting shipments and pushing prices higher.

Exporters report that the shortage is driving premiums unnecessarily high, directly affecting their competitiveness. Compounding the issue, the government recently restricted imports of silver and unstudded jewellery from certain ASEAN countries, including Thailand, until March 31, 2026, in an effort to manage the domestic market.