Silver imports overtake gold in Nepal for the first time

Nepal has witnessed a historic shift in its precious metals market, with silver imports surpassing gold for the first time in the fiscal year ending mid-July. Traditionally, gold has held a dominant position, deeply embedded in Nepal's Hindu and Buddhist traditions, ancient trade routes, and cultural practices of wealth accumulation.

However, changing perceptions of precious metals as investments have driven an unprecedented demand for silver. Traders attribute this boom to soaring silver prices and its increasing recognition as a safe investment, especially as stock markets fluctuate and gold prices become prohibitive for many. "It's basically about profit. A profit in a short span of time attracted investors," said Diyesh Ratna Shakya, senior vice-president of the Federation of Nepal Gold and Silver Dealers’ Association.

This surge is largely reflected in the import of silver in granule form, rather than bars or biscuits. The price of silver granules reportedly peaked at Rs7,500 per tola (11.66 grams) in January 2026, a significant increase from previous years. According to the Department of Customs, Nepal's silver imports surged by 366 percent to Rs32.74 billion in the last fiscal year, with import volume more than doubling to 104.29 tonnes. In contrast, gold imports stood at 1.52 tonnes worth Rs29.15 billion.

Further analysis of customs data reveals a sharp increase in imports classified as "powder of silver," which also climbed significantly in both value and quantity. While customs officials and traders suggest this category largely comprises silver granules used in industries like jewelry and electronics, the precise classification and end-use of these imports are under scrutiny. This trend underscores a notable evolution in how Nepalis are investing in and utilizing precious metals.

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It’s basically about profit. A profit in a short span of time attracted investors.