Silver plays a far bigger role in modern life than most people realise. It is used in circuits, solar cells, batteries, medical tools and many everyday technologies. As countries shift towards clean energy and advanced electronics, global demand for silver continues to rise. India is also becoming more active in this market. Our silver export value touched 470 million U.S. dollars in FY 2025, up from just 64 million the previous year.

To understand how the world will meet this rising demand, we need to look at the countries that hold the largest silver reserves. This helps us understand the size of each country’s natural silver deposits and their ability to support global supply in the long run.

Which Country Has the Largest Silver Reserves in the World?

Below is the list of the largest silver reserves by country:

1. Peru Peru has the biggest known silver reserves, close to 110,000 metric tons. These reserves are spread across the Andes, a region known for mineral-rich mountains. Peru also extracts silver along with zinc, copper and other metals, which helps maintain steady mining activity. Because Peru holds such a large share of global reserves, any change in its production levels can affect international silver trends and long-term supply planning.

2. Australia Australia comes second with about 94,000 metric tons of silver reserves. Its mines in Queensland and New South Wales are equipped with advanced systems, making production smooth and consistent. Australia is known for strict safety rules and transparent mining standards, which give confidence to global buyers. These reserves support long-term supply to industries across Asia, Europe and North America.

3. Russia Russia holds nearly 92,000 metric tons of silver, making it one of the strongest reserve holders. Most of its deposits lie in Siberia and other remote regions with rich geological layers. Russia extracts silver both as a main metal and alongside copper, nickel and lead. While political and economic changes sometimes affect output, the country’s deep reserves remain important for global stability.

4. China China has around 72,000 metric tons of silver. Unlike many other countries, China is not only a major holder of silver but also one of the biggest consumers. Its industries depend heavily on silver for solar panels, electronics, batteries and medical equipment. Because both production and consumption are high, even a small shift in China’s mining or industrial activity can influence the global silver rate.

5. Poland Poland holds about 63,000 metric tons of silver and is the leading reserve holder in Europe. The country mines silver mainly from copper-rich regions using advanced underground systems. Polish silver plays a major role in supporting European industries like electronics, automotive manufacturing and renewable energy. These reserves help Europe reduce dependence on imports and maintain a stable supply chain.

6. Mexico Mexico has around 37,000 metric tons of silver in its reserves. Even though its reserves are lower than Peru or Australia, Mexico is the largest producer of silver globally. Regions like Zacatecas, Durango and Chihuahua are famous for their long history of silver mining. Because Mexico can quickly increase or reduce output, the country often helps balance global supply when demand suddenly rises.

7. Chile Chile holds nearly 26,000 metric tons of silver. Much of this metal is extracted as a byproduct during copper mining since Chile is the world’s top copper producer. Chile has modern mining policies and strong infrastructure, which makes its supply stable and reliable. These reserves also support long-term growth in Latin American metals markets.

8. Argentina Argentina has around 23,000 metric tons of silver reserves. Mining regions like Jujuy and Santa Cruz are seeing new exploration activity. Argentina’s silver sector is expanding and several companies are investing in large-scale development projects. These reserves may grow further as more deposits are identified, strengthening Argentina’s role in future silver supply.

9. United States The United States also has about 23,000 metric tons of silver reserves, placing it alongside Argentina. Mining states like Nevada, Idaho and Alaska contribute heavily to output. The US uses silver in defence systems, renewable energy projects, electronics and healthcare. Since it is both a big consumer and a significant producer, its reserves play an important role in long-term global planning.

10. Bolivia Bolivia holds nearly 22,000 metric tons of silver. The country’s silver story goes back centuries to the famous Potosí mines, which were once the world’s top producers. Modern mining has slowed due to infrastructure and regulatory challenges. However, Bolivia still has deep deposits that can support supply in the future as new projects and upgrades take shape.

What This Means for Investors

These ten countries hold most of the world’s silver reserves, so their mining activity has a big impact on global supply. If these countries increase production, silver availability improves and prices stay more stable. If they reduce mining, the market tightens and prices can rise. For Indian investors, this matters because international supply shapes long-term price movements.

Silver demand is rising. With this steady growth, investors can explore options like physical silver, digital silver or long-term saving plans. The idea is simple: silver gets its value from how useful it is and how limited the supply is. Knowing which countries hold the most reserves helps you invest with clarity and confidence.