Nepal’s silver imports surpass gold for the first time, soaring approximately 3.7 times year-on-year as retail investor enthusiasm coincides with dramatic price volatility
智通财经2026/08/06 13:36- In the previous fiscal year, Nepal’s silver import value surpassed gold for the first time, reaching a historic record with a total import amount of approximately 32.74 billion rupees, a year-on-year surge of about 3.7 times. The import quantity broke through 104 tons, more than doubling, while gold imports during the same period declined by around 6%, highlighting a structural shift in precious metal investment preferences.
- The core driving force behind this silver boom was a sharp short-term price increase: the price of silver granules soared from about 3,300 rupees per tola in October 2025 to a peak of roughly 7,500 rupees in January 2026, more than doubling in value. This attracted a large number of retail investors who viewed silver as an alternative safe haven, given the sluggish stock market and a nearly frozen property market.
- Notably, the main imported product was silver granules, but customs classified them under the silver powder code. In reality, silver granules are irregular particles measuring between 1 and 6 millimeters, widely used in jewelry processing and handicraft manufacturing. Dubai is their largest source.
- On the international market, the spot price of silver reached a nominal all-time high of around $121.67 per ounce on January 29, 2026, before sharply retreating to around $57, resulting in high volatility. Some Nepalese investors who bought at elevated levels were caught off guard. Industry insiders indicated that many investors entered the market without fully understanding price cycles, and after the correction, are now facing holding pressure.
- From a deeper perspective, global industrial demand for silver continues to rise due to growth in artificial intelligence computing infrastructure and green energy expansion. Silver plays a key role in heat and electrical conductivity in hardware such as semiconductor packaging, circuit boards, and high-speed connectors. However, the explosive increase in Nepal’s silver granule imports is seen more as investment-driven stockpiling rather than industrial consumption.
- Regulators have expressed concern regarding the true use and potential cross-border flows of imported silver granules. Going forward, it will be necessary to monitor possible corrections to customs statistical standards, changes in spot silver premiums or discounts once international prices stabilize, and whether Nepal’s central bank will introduce new controls on precious metals imports.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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