India's gold, silver imports hit record $68 billion in 2025
India just set a new record, spending $68 billion on gold and silver imports in 2025—about 9% of all goods brought into the country.
Gold made up the bulk at $58.8 billion, with silver adding $9.2 billion, even though less of both metals actually came in.
Why does this matter?
Prices for gold and silver soared last year—gold jumped 76% (Jan. 28, 2026 source), and silver more than tripled.
So even though India imported less by weight (gold down 27%, silver down 6.5%), the total bill shot up thanks to those price spikes.
What's behind the surge?
A lot of people turned to gold and silver as investments. Gold ETFs hit a record ₹429.6 billion, while the share of investment demand rose above 40%; silver ETFs grew by an impressive 174% to ₹234.7 billion.
Now, everyone's watching for possible tax hikes in the next Union Budget—which could push prices even higher at home if they happen.