Silver prices are skyrocketing. A year ago, no one would have predicted that silver would be dominant in 2025. Not a single silver stock was visible in the top 30 stocks of BSE. Silver prices are still rising, setting new records every day. Silver prices have increased by more than 150% in 2025. In fact, the silver price on MCX reached ₹224,000 per kg on December 24, 2025, compared to ₹90,000 per kg in December last year. Silver has become one of the most precious metals in the world. It is used not only in jewelery and coins, but also in industrial works, electronics and green energy, due to which the demand for silver is increasing rapidly.
Peru has the largest reserves
Let us know which country in the world has the most silver and which country is at the forefront in silver mining. According to mining data for 2023-24, Mexico is in the lead. Mexico is the world’s largest silver producer, according to global mine production. This country produced about 202 million ounces of silver, which is about 24% of global production.
But Peru has the largest reserves of silver. Currently, Peru has approximately 110,000 metric tons of silver. Peru alone has about 17 to 18% of the world’s total silver reserves. Countries like Peru earn revenue from the export of silver. It is followed by Australia and Russia, which have reserves of about 94,000 and 92,000 metric tonnes respectively. China has about 72,000 metric tons of silver, ranking it fourth in the world. The United States has approximately 23,000 metric tons (MT) of silver reserves.
How much silver does India have?
According to global standards, India has very little silver reserves. Data shows that India has about 8,000 metric tonnes of silver, which is just 1-2% of the global total. In terms of mining, India does not primarily extract silver as a primary mine; It is often a byproduct of lead and zinc mines. The major silver producing states of India are Rajasthan, Andhra Pradesh, Telangana and Haryana, which produce a few tonnes of silver annually.
The top five countries with the largest silver reserves in the world are:
1. Peru: About 110,000 metric tons.
2. Australia: About 94,000 metric tons.
3. Russia: About 92,000 metric tons.
4. China: About 72,000 metric tons.
5. Poland: About 61,000 metric tons.
It is worth noting that India is one of the largest silver consumers in the world. However, the country produces only about 700 tons of silver annually, while consumption is several thousand tons, so most of the silver is imported. In 2024, India imported a record 7,600 tonnes of silver. This demand comes from electronics, solar, electrical and other technical uses. The Indian jewelery market has the highest demand for silver in the world. About 2,730 tonnes of silver is used annually for jewellery. Demand for investments in the form of coins and bars has also increased in recent years.