Kerala temples strike gold with silver
KOCHI: For decades, silver in Keralas temples lived in the shadows always the bridesmaid to glittering gold, rarely the bride. Offered by devotees as lamps, vessels and ornaments, and tucked away in backspaces and strongrooms, the white metal was long treated as ceremonial surplus rather than serious wealth. That changed dramatically in 2025 as the global silver prices crossed the $77-an-ounce mark this week, gaining over 167% so far this year. A stunning surge in silver prices has pushed the once-overlooked metal into the spotlight, turning dusty temple inventories into valuable financial assets. Nowhere is this shift more visible than at the iconic Guruvayur Sree Krishna temple. Long content to keep its silver holdings out of sight, the temple recently monetised nearly five tonnes of the metal, unlocking about Rs 35 crore in the process. As per available data, the Guruvayur temple receives an average 120125 kg of silver annually as offerings from devotees. In November 2025 alone, it received 12.154 kg of silver, followed by 8.025 kg in December. Similarly, big temples like Attukal and Sabarimala, as well as Sree Padmanabhaswamy temple receive huge offerings in silver in various forms like lamps, bowls, statuette, said B M Nagarajan of Rajan Jewellery in Chalai, Thiruvananthapuram. Miniature human figurines are offered for prosperity and good health. When I started my shop 50 years ago, a half-gram figurine in silver (alroopam) cost about 50 paise. Today, it costs over Rs 25, he said. Ezhikode Sasi Namboothiri, who has served as melshanti at both Sabarimala and Guruvayur, said silver has always been an intrinsic part of temple rituals, with some traditions placing it ahead of gold because of its properties. Price rally has altered market psychology For certain poojas, silver bowls are mandatory. People have been offering miniature human figures to temples for decades, and silver has been the preferred metal, he said. Trade bodies say the price rally has altered market psychology. S Abdul Nazar, general secretary of the Gold & Silver Merchants Association, told TNIE that silver prices have surged sharply, at times even outperforming gold. Investment demand, its inclusion in the US critical minerals list, and momentum buying have all played a role, he said. Silver, he added, is now trading around Rs 250260 per gram, up from about Rs 100125 per gram a year ago. Sundaravalli Narayanaswami, chairperson of the India Gold Policy Centre -IIMA, said silver prices are set to increase further. I dont perceive any immediate downside. At best, it may plateau sometime soon. Again, the causes are due to macroeconomic factors and global markets. India is impacted, but has little influence on this, she added.
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