India has emerged as a global silver powerhouse, recently becoming the world’s largest silver consumer. The country’s insatiable demand across investments, industrial use and ornamentation has positioned it at the very center of global silver dynamics. Long revered as an auspicious metal across cultures and civilizations, silver has always played a vital role in India’s traditions. Today, the silver story is no longer confined to jewelry and ceremonial artifacts but is now powering a new industrial revolution through clean energy, advanced technology and innovation. With the highest consumption and import volumes globally, India’s appetite for silver is largely driven by retail physical investment and a booming industrial sector.
The Vision Behind the Silver Revolution
Amid India’s industrial ascent, few stories shine as brightly as the transformation of Hindustan Zinc — a tale of vision, resilience and turning overlooked potential into an extraordinary legacy.
It began in the early 2000s, as India embraced economic liberalization. At the time, few imagined that a company focused on zinc and lead would script one of the country’s most remarkable success stories in a precious metal like silver. What makes this story even more extraordinary is that the dream and the revolution were not driven by someone from a metropolitan city, but by Mr. Anil Agarwal — a first-generation entrepreneur from a modest background in Bihar. His relentless belief in India’s untapped potential and his bold vision for the future sparked a transformation that would redefine the country’s metal industry.
In 2002, when Vedanta Limited acquired a majority stake in Hindustan Zinc following the government disinvestment, skeptics dismissed it as a risky decision. The company was then seen as a declining public-sector enterprise with only five years of operational runway. But that perception was soon overturned. Before Vedanta’s acquisition, Hindustan Zinc produced only a minuscule quantity of silver and India depended heavily on imports to meet its needs. Today, Hindustan Zinc stands tall among the top five silver producers globally.
Creating a National Asset
Anil Agarwal saw opportunities where others saw limitations. He reimagined India’s metal industry on the global stage. Under Vedanta’s leadership, Hindustan Zinc underwent a sweeping transformation, driven by strategic capital infusion, advanced technologies and a culture of innovation. Smelting processes were modernized, mining efficiencies were reimagined and silver became central to the company’s growth strategy. Hindustan Zinc’s disinvestment story is now regarded as one of India’s most successful. Over the past two decades, its silver output has grown 20-fold, a testament to the power of privatization and purposeful leadership. In 2002, before privatization, Hindustan Zinc produced just 47 tonnes of silver. Today, the company produces nearly 700 tonnes of silver and is poised for further growth, fueled by cutting-edge technologies that enhance metal recovery rates. From 2002 to today, this journey has been marked by consistent growth, driven by the deployment of forward-looking strategies and relentless focus on operational excellence.
Made in India, Trusted by the World
Silver, one of the earliest metals discovered by humans, has historically been difficult to produce in high purity due to technological constraints. However, India is rich in ores like Sphalerite (ZnS) and Galena (PbS), which contain zinc, lead and silver — often found together in the same deposits. Hindustan Zinc leveraged this advantage by investing in cutting-edge extraction and processing techniques.
Today, it remains India’s only primary (metal produced directly from ore) silver producer and one of the top five globally. Hindustan Zinc’s silver bars (30 kg and 1 kg) and silver powder holds the prestigious London Bullion Market Association (LBMA) mark, a global seal of 99.99% purity and responsible sourcing.
Fueling the Future of Clean Energy Transition
With global silver supply tightening and domestic industrial demand rising, Hindustan Zinc’s role has become more strategic than ever. Silver is now at the heart of critical technologies, from solar panels and EV batteries to medical innovations and smart electronics. Its unmatched electrical conductivity and antimicrobial properties make it one of the most versatile metals of the 21st century.
Historically associated with coins, silverware and adornments, the metal’s applications have dramatically evolved. Industrialization has propelled silver into a pivotal role across diverse sectors such as high-end electronics, artificial intelligence, nanotechnology and biotechnology. The proliferation of electrical appliances and smart gadgets has further boosted demand, as silver’s exceptional conductivity makes it an essential component in modern electronics. In 2024, India’s industrial silver consumption rose by 4%, reinforcing its growing influence in clean energy, electronics and advanced manufacturing.
According to the World Silver Survey 2025 by The Silver Institute, India’s silver consumption is projected to continue its upward trajectory, fueled predominantly by industrial applications. Hindustan Zinc is ensuring that this rising demand is not just met but fulfilled responsibly and indigenously.
Powered by Technology, Committed to Sustainability
At the core of this growth is the Sindesar Khurd Mine in Rajasthan, a marvel of modern mining, where automation and digitalization dominate operations. Post privatization, Hindustan Zinc commissioned the Sindesar Khurd Mine in 2007. This mine now ranks amongst the world’s top five silver-producing mines. Hindustan Zinc’s Sindesar Khurd Mine symbolizes how India is embracing global best practices to produce precious metals like silver. Hindustan Zinc’s growth is rooted not only in productivity but also in environmental stewardship. The company’s Pantnagar Metal Plant in Uttarakhand, India’s only silver refinery, operates entirely on renewable energy. Commissioned in 2012, the refinery is also listed on the LBMA Good Delivery List, reaffirming its adherence to global standards and ethical, sustainable production.
As the world accelerates toward decarbonization, Hindustan Zinc is not merely adapting, it is leading the way forward. With silver prices soaring past ₹1,00,000/kg, market experts see the metal playing an increasingly pivotal role in the future, with a long-term outlook that remains powerfully bullish. In FY2025, a surge in industrial demand and tightening global supplies drove a 29% year-on-year increase in silver prices, further amplifying Hindustan Zinc’s strategic leadership.
Speaking on the increase in the demand of silver, Arun Misra – CEO Hindustan Zinc, said “With Vedanta’s Chairman, Shri Anil Agarwal’s vision, Hindustan Zinc is proudly carrying a unique national responsibility to power the country’s technological advancement and clean energy ambitions as India’s only silver producer. Silver is no longer just a precious metal; it has become indispensable to sectors ranging from renewable energy and electronics to defence and healthcare. Our efforts are deeply aligned with the Make in India and Aatmanirbhar Bharat vision, as we scale up domestic production through cutting-edge technology, sustainable practices and future-ready talent. By strengthening India’s critical mineral security, we are not just meeting demand but also enabling long-term resilience, innovation and self-reliance in a fast-evolving global landscape.”
Beyond Profit — A Purposeful Mission
As a leader in energy transition metals, Hindustan Zinc is not just supplying silver; it is enabling a global shift toward a greener, more resilient future. The company’s vision transcends profitability — it is about empowering communities, building economic resilience and investing in technologies that define tomorrow.
To drive sustained growth in silver production, Hindustan Zinc has embraced state-of-the-art technology across its operations. Its latest addition, an indigenously commissioned fumer plant for hydro smelters, enables the recovery of valuable silver from process streams that previously went to waste. This has significantly boosted annual silver output, further strengthening India’s position in the global metals market.
A Shining Legacy for Generations
In a landscape brimming with ambition, Hindustan Zinc sets itself apart through legacy. It carries a promise of innovation, ethical leadership and India’s unstoppable rise on the global stage.
Because this is more than a silver story.
This is the story of India’s future — bright, bold and Made in India.
About Hindustan Zinc Limited
Hindustan Zinc Limited (BSE: 500188 and NSE: HINDZINC), a Vedanta Group company, is the world’s largest integrated zinc producer and the third-largest silver producer. The company supplies to more than 40 countries and holds a market share of about 75% of the primary zinc market in India. Hindustan Zinc has been recognized as the world’s most sustainable company in the metals and mining category for the second consecutive year by the S&P Global Corporate Sustainability Assessment 2024, reflecting its operational excellence, innovation, and leading ESG practices. The company also launched EcoZen, Asia’s first low carbon ‘green’ zinc brand. Produced using renewable energy, EcoZen has a carbon footprint of less than 1 tonne of carbon equivalent per tonne of zinc produced, about 75% lower than the global average. Hindustan Zinc is also a certified 2.41 times Water-Positive company and is committed to achieving Net Zero emissions by 2050 or sooner. Transforming the lives of 1.9 million people through its focused social welfare initiatives, Hindustan Zinc is among the Top 10 CSR companies in India. As an energy transition metals company, Hindustan Zinc is pivotal in providing critical metals essential for a sustainable future.
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