India’s bullion-refining industry is experiencing an unprecedented silver shortage ahead of the Diwali festival and the :contentReference[oaicite:2]{index=2} buying season. One of the country’s biggest refineries said it completely ran out of silver stock for the first time in its history, as both investment and industrial demand surged. Analysts attribute the shortage to elevated global precious-metal flows, import constraints and festival buying. The tight supply has pushed premiums higher and could influence jewellery and investment-demand dynamics in upcoming months.