China Imposes Export Licensing on Silver, Affecting Global Supply Chains and India's Imports
China will implement strict export licensing rules for silver, effective January 1, 2026, requiring government approval for 60-70% of global refined silver trade. This regulation also applies to tungsten and antimony and raises concerns in industries reliant on silver, including AI, electronics, solar power, and defense.
China dominates refining capacity with 27 silver refineries, significantly outpacing Japan's 13 and Germany, Canada, India, and Switzerland's four each. The country imports silver ore, refines it, and exports the finished product, maintaining a net export position due to local oversupply.
In October 2025, China exported $887 million of silver while importing only $50 million. For India, which sourced 40% of its silver imports from China and Hong Kong during April-November 2025, this move could impact its solar energy and electronics sectors, amidst a $7 billion silver import total during that period.
