A sharp surge in silver prices in India has led to serious supply shortages in the domestic spot market. The premium over global rates has reached ₹30,000 per kg, prompting jewellers at Mumbai’s Zaveri Bazar to stop accepting fresh orders temporarily. The shortage is straining inventories, and buyers are watching for clarity on supply corrections and premium normalization. Analysts say this disruption could last through the festive season unless imports or additional supply sources intervene quickly.