China recorded a sharp rise in silver exports last year, shipping around 5,100 tonnes to global markets—the highest level in at least 16 years—despite mounting concerns over Beijing’s export policies for the precious metal.
Since 2019, China has imposed a licensing system on silver exports. In October, the Ministry of Commerce announced an extension of this system through 2026 and 2027, fueling market concerns that authorities may move toward tighter restrictions on global silver supplies.
Under the current framework, domestic silver refiners are required to obtain export licenses valid for two years, without explicit caps on export volumes. However, these companies must adhere to annual production limits ranging between 40 and 80 tonnes.
Joshua Rotbart, Managing Partner at J. Rotbart & Co., told Bloomberg that widespread rumors stemming from misinterpretations of China’s silver export policies have reinforced expectations that silver prices will continue to rise sharply in the period ahead—helping to explain the sustained strength in demand for the white metal.
In India, investment demand for silver is currently growing at a faster pace than in October 2025, with strong interest focused on small bars and silver coins. This was confirmed by Samit Guha, Chief Executive Officer and Managing Director of MMTC-PAMP India, the country’s largest precious metals refiner.
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