India, Jan. 8 -- Silver is not just a precious metal but a key industrial and energy transition input, and India should focus on processing it by securing long-term overseas mining supplies, boosting domestic refining and recycling, reducing reliance on imported finished silver, and diversifying import sources, GTRI said.

It said China is the world's dominant processor of silver.

Beijing is importing around USD 5.6 billion of silver ores and concentrates out of a global total of USD 6.3 billion. It refines this metal domestically and exports higher-value silver embedded in electronics, medical devices, and solar panels.

India, by contrast, imported about USD 6.4 billion of refined silver in 2024, 21.4 per cent of global trade, making i...