Gold, Silver Import Bills Reach Record High Of USD 68 Billion In 2025 Even As Overall Imports Fall

Import bills of gold and silver touched an all-time high of $58.8 billion and $9.2 billion, respectively, in 2025. The rise in import bills was driven by a sharp rally in both the previous metal prices, even as the overall import of the metals in quantity terms fell during the year, a report by Business Standard said.

Gold and silver together accounted for around 9 per cent of India’s total import bill of $750 billion during 2025. The rise in the import bill for India comes amid record prices in both gold and silver. In 2025, gold prices surged nearly 76 per cent while prices of the white metal nearly tripled. Investors and central banks have picked up gold as a safe-haven asset amid geopolitical uncertainties, which also partly led to a rise in silver prices.

Looking at gold and silver imports just in quantity terms tells a different story. In 2025, gold imports are estimated to have fallen around 27 per cent on year, at 630 tonnes. Meanwhile, silver imports are likely to have fallen 6.5 per cent year-on-year to 7,158 tonnes, according to data from London-headquartered bullion research firm Metal Focus.

“The import bill for gold and silver should be seen from the price perspective. The imports of both 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,” Chirag Sheth, principal consultant at Metal Focus, told the paper.

However, the share of gold and silver cumulatively accounted for 9 per cent of total imports by India in 2025, the same as the previous year. Market participants also estimated that demand for gold was down 15-25 per cent in 2025.

However, with the sharp rise in gold and silver import bills at a time when the rupee has also depreciated to near all-time lows against the US dollar, market participants fear that the government could restrict imports of the precious metals. They fear that the government in the Union Budget to be presented at the end of the week on February 1 could announce measures on the same.

Surendra Mehta, national secretary, Indian Bullion and Jewellers Association (IBJA), told the paper that IBJA has proposed that the government declare amnesty to disclose unaccounted gold in 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.