The numberIn May 2026, India imported 46.8 tonnes of silver against 534.3 tonnes in the same month a year earlier. India imports most of what it burns, so the bill arrived immediately: oil imports jumped 53% in a single month and the merchandise trade deficit widened 37.3% to $28.38 billion. Gold and silver imports reached $102.5 billion in the 2025-26 fiscal year, up 26.7%, lifting their share of India's total import bill to 14% from 11.8%. India's record silver imports in the last fiscal year were driven by fund buying as a hedge rather than by jewellery. Removing 15.7 million ounces of buying in a month makes the global shortfall smaller, not larger.