Nepal’s silver import bill jumped 366 percent to Rs32.74 billion in the last fiscal year, surpassing gold imports for the first time in the country’s history.
The dramatic pivot reflects a substitution effect as domestic buyers turned to the more affordable white metal while gold prices climbed to record levels.
The shift underscores the sensitivity of emerging-market precious-metal demand to relative pricing.
With gold prices in Nepal’s domestic market recently reaching Rs290,700 per tola (11.66 grams), the cost barrier for traditional gold purchases has intensified, driving retail and investment demand toward silver.
This structural change in import composition highlights how local currency pressures and global commodity trends intersect in smaller economies.
The surge in silver imports also points to broader implications for regional supply chains and refining capacity.