Mining output has increased to 22.5 million ounces from 12 million ounces in the past decade

India’s silver production has increased 20-fold from a meagre 47 tonnes in 2002 to 700 tonnes now, thanks to Hindustan Zinc’s disinvestment.   

According to the World Silver Survey 2023, silver production has nearly doubled over the past decade, rising to 22.5 million ounces (moz) in 2024 from 12 moz in 2012.  

The increase in production has helped the country emerge as the largest jewellery and silverware fabrication producer in 2024, while it has emerged as one of the largest consumers of gold.