Page 26 - Bullion World Issue 02 Volume 06 February_2026

Bullion World | Volume 6 | Issue 02 | February 2026

What different speakers contributed Mr Kishore Choksi, Ravindra Heraeus Pvt Ltd
Different speakers brought distinct lenses that together Brought in the manufacturing perspective, confirming
framed a comprehensive view of the market. strong silver demand from EV and data centre clients
in India and abroad while stressing the financing stress
Dr Renisha Chainani, Augmont created by the sudden increase in inventory values and
Provided the core fundamental narrative: multi-year the growing importance of LBMA-standard recycled
deficits, the rising strategic role of silver, the silver to manage costs.
dominance of industrial demand (especially solar,
EVs, data centres), inventory drawdowns at major Mr Rahul Mehta, Silver emporium
exchanges, and the impact of monetary easing and From the jewellery side, highlighted consumer and
safe-haven flows alongside gold. She also detailed export trends: shrinking domestic volumes in articles
recent policy moves by the US and China and their and silverware, but strong growth in silver jewellery
role in the late-2025 price surge, and later clarified that demand – especially for destination weddings – and
Chinese actions were licensing adjustments rather than serious challenges in exports to the US due to high
an outright export ban. tariffs that have left many completed shipments
uncollected despite orders and payments.
Mr Adarsh Diwe, Metals Focus
Focused on liquidity and structure, explaining how Additional contributions from participants enriched
metal has been relocated into US CME vaults amid the discussion with quantitative context on solar
concerns over potential US tariffs, how ETF and ETP and data-centre silver usage, estimates of silver per
holdings have locked up large volumes in London, megawatt and per EV, and comments on declining
and how these shifts have squeezed the pool of metal grades at silver and base-metal mines and the scarcity
available for immediate physical trade. He also updated of new, flexible primary silver supply.
the group on scrap dynamics, Chinese licensing
rules and the range of Indian market discounts and
premiums through 2025.

Mr Rajeev Darji, Phillip Capital India Pvt Ltd
Delivered the technical roadmap, using Elliott Wave
analysis to frame the long-term bull market in silver,
identify potential tops and corrections and outline
strategic price zones for both risk of pullbacks and
long-run upside objectives.

Mr Michael DiRenzo, Silver Institute
Offered a US and global industry perspective, noting
robust retail bar and coin demand even at high prices,
bottlenecks in US refining and minting capacity, and
long-term reliability requirements in solar that favour
silver over substitutes like copper. He also highlighted
ongoing attempts to thrift silver in PV manufacturing
and mentioned new investment in US smelting
capacity to ease fabrication bottlenecks.

Mr Mohammed Ayoob, Sam Precious metals
Speaking from Dubai, described the physical hub
reality in the GCC, where Dubai acts as a regional
conduit for kilo bars, refineries are heavily utilised and
investment demand from Saudi Arabia, Kuwait, Qatar,
Oman and the UAE has risen markedly, with local
premiums adjusting dynamically to immediate demand.

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