Fresh peaks: 2025 gold-silver import bill of $68 billion at all-time high

In quantity terms, imports of both metals saw a decline

The gold and silver import bills reached an all-time high of $58.8 billion and $9.2 billion, respectively, in calendar year 2025 (CY25). The increase is sharp in silver. Both together accounted for 9 per cent of India’s total import bill of $750 billion.

 

Record higher prices for both the precious metals are to blame for the record high import bills. In 2025, gold price increased by nearly 76 per cent while silver price tripled. The increase is not significant if the imports of both the metals in quantity terms are considered. Gold imports in 2025 are estimated at around 630 tonnes, showing a fall of 27 per cent. “Silver imports were 7,158 tonnes, down 6.5 per cent from the previous year,” according to London-headquartered bullion research firm Metal Focus data.

 

Chirag Sheth, principal consultant, Metal Focus, said: “The import bill for gold and silver should be seen from the price perspective. The imports of both the metals are rising because of a significant price increase. The real issue making the import bill inflated is silver, which rose by over 200 per cent in a year."

 

However, the share of both metals in total imports remained the same as in 2024, at 9 per cent.

 

Along with imports, market players estimate that gold demand was also down by 15-20 per cent in 2025.

 

Surendra Mehta, national secretary, Indian Bullion and Jewellers Association (IBJA), said: “So far, London Bullion and Metals Exchange (LBMA) price was the benchmark. The prices of metals are now dislocated. They are determined based on the supply in different regions. If the region is short in supply, the price will command premiums there. Price recovery has been distorted at present.”

 

In 2011, the share of gold and silver in total imports was 12.7 per cent, which was the highest ever. This had generated panic. The government had later increased import duty phase-wise and restricted imports of gold. The increase in duty continued for a decade. However, restrictions had boomeranged.

 

In 2013, the government imposed import restrictions on gold based on export quotas. It was known as the 80:20 rule, which required at least 20 per cent of gold imported to be exported. This rule aimed to curb excessive gold imports and conserve foreign exchange reserves. The restrictions were lifted in May 2014.

 

Now, with a very high import bill of gold and silver at a time when the rupee is also falling against the US dollar, market players are fearing measures, which can help the government, in the Union Budget aimed at curbing imports.

 

Mehta said that IBJA has proposed the government declare amnesty to disclose unaccounted gold lying with households. “If gold is surrendered under the scheme, no question should be asked regarding its source. Households surrender gold to the government without any return for 8 years. After 8 years, they get the gold, which will come on books without any tax,” he said.