India’s silver market is expected to see slower jewellery and silverware demand in 2026 as elevated prices weigh on discretionary spending, even as investment buying strengthens. The latest outlook from the Silver Institute, based on analysis by Metals Focus, indicates that global demand will continue to outpace supply for a sixth consecutive year.
Jewellery demand is forecast to fall more than 9% worldwide to 178 Moz, the lowest since 2020, with India accounting for much of the decline. Higher prices are prompting consumers to delay purchases or shift to lighter designs. Silverware demand is expected to contract by around 17%, reflecting its price-sensitive and largely gift-driven nature in the domestic market.
In contrast, physical investment is gaining ground. Global bar and coin demand is projected to rise 20% to 227 Moz, a three-year high, with India building on last year’s strong inflows. Retail investors are treating silver as a hedge amid geopolitical tensions and policy uncertainty, helping sustain imports and physical offtake even as fabrication demand softens.
On the supply side, total global availability is expected to increase only 1.5% to 1.05 billion ounces, with modest gains in mine output and a 7% rise in recycling. That growth will still fall short of demand, leaving the market in a 67 Moz deficit in 2026 and keeping the physical market tight through the year.
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