India's silver import surge signals major market shift. The country imported roughly $5.9 billion worth of silver over the past four months—a stunning 400% jump from Q4 2024. That alone puts current levels 64% above the 2022 peak.

Context matters here: between 2013 and 2019, India's annual silver imports averaged just $1.5 billion. So this recent spike isn't just another uptick. It represents a fundamental shift in demand patterns.

What's driving the stockpiling? Likely a mix of factors—from jewelry and industrial demand to strategic reserves and investment positioning. India's move could reshape global silver supply dynamics and suggests institutional players are reshuffling their precious metals exposure. For those tracking macro trends and asset flows, this data point deserves close attention.