Nepal Sees Surge in Silver Imports as Prices Hit Record High

Silver imports have surpassed gold in Nepal for the first time, with silver's value reaching Rs32.74 billion last fiscal year.

The growth was driven by soaring silver prices, which rose to a record high of Rs7,500 per tola (11.66 grams) in January 2026.

Silver granules, not powder as initially reported, accounted for the majority of imports, with Nepal importing around 32 tonnes worth Rs9 billion from Dubai and 4.34 tonnes worth Rs1.43 billion from China.

The dramatic increase in silver grain imports has raised concerns among some insiders that the metal could be diverted for smuggling or other purposes.