Gold and Silver Imports Hit Record $68 Billion Peak in 2025 Amid Price Surges

India’s import expenditure on gold and silver surged to unprecedented levels in calendar year 2025, primarily due to a steep rise in global prices rather than increased physical inflows, as per news reports.  

Together, the 2 precious metals accounted for nearly 9% of the country’s total import bill, intensifying concerns around external balances and currency stability. 

Key Development: Record Import Bills Amid Price Rallies 

India’s gold import bill touched an all-time high of $58.8 billion in 2025, while silver imports rose to a record $9.2 billion. Combined, the 2 metals accounted for approximately 9% of India’s total imports, which stood at $750 billion for the year. 

The sharp increase was driven almost entirely by price escalation. Gold prices rose by nearly 76% during the year, while silver prices jumped more than 200%, tripling over the period.  

However, in volume terms, gold imports declined sharply to an estimated 630 tonnes, marking a 27% fall, while silver imports dropped 6.5% to 7,158 tonnes, according to data from London-based bullion research firm Metal Focus. 

Despite the surge in value, the share of gold and silver in India’s total imports remained unchanged from 2024 at 9%. 

Impact And Policy Concerns 

Historically, high precious metal imports have triggered policy responses. In 2011, gold and silver accounted for 12.7% of total imports, prompting the government to raise import duties and impose restrictions. In 2013, the 80:20 rule mandated exporters to ship out 20% of imported gold, though the measure was withdrawn in 2014 after adverse effects. 

With gold and silver import bills again rising sharply, especially amid a weakening rupee, market participants fear renewed curbs in the upcoming Union Budget to restrain foreign exchange outflows.   

Read More: Gold Prices Reached All-Time High on January 27: Check Why? 

Conclusion 

India’s record gold and silver import bills in 2025 were largely driven by soaring global prices rather than increased physical demand, raising concerns over trade balance pressures and potential policy intervention. 

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