For the first time, India's mutual fund industry can include silver in equity and hybrid portfolios. Here is what that means in concrete numbers. India is already, without any reform, the world's most silver-intensive consumer market in terms of bullion and investment demand. Its silver bullion imports reached a record 247.4 Moz in 2024. Its silver ETF holdings grew approximately 195% year-on-year, from roughly 13 Moz at end-2023 to 38.6 Moz at end-2024 — nearly tripling between 2023 and 2024. Its domestic silver market runs on a cultural affinity for the metal with no close parallel in Western economies. And yet, ... (full story)