Silver is experiencing a significant rally in global markets, outperforming gold and other asset classes with a stunning 42% gain so far this year.According to Michael DiRienzo, President and CEO of The Silver Institute, this upward trend is just the beginning for the precious metal. Currently trading near $34.50 per ounce globally, silver has captured investor attention, with many analysts forecasting even higher prices, potentially reaching $40 to $42 per ounce in the coming six to twelve months.Beyond industrial demand, DiRienzo notes a resurgence of interest in silver as an investment. High-net-worth individuals (HNIs) and institutional investors are increasingly viewing silver as a strategic buying opportunity, filling a key gap in the silver market.While investment demand in Western markets has been relatively weak, it is robust in India and is picking up in China. In India, in particular, silver imports have surged to record levels, with demand coming from various sectors, including jewellery, industrial use, and investment.The strong demand for silver in India is a critical driver of the global silver market’s momentum. DiRienzo underscores that India’s multi-faceted demand—across jewellery, industry, and investment—continues to play a pivotal role in lifting silver prices. This, combined with the firm industrial demand from solar and electric vehicle manufacturers, has led to silver s highest levels in over a decade.Additionally, CNBC-TV18 spoke to Kaushik Soni of Tejori Diamonds; Afzal Arakkal of Arakkal Gold & Diamonds; Chandu Siroya, MD of Siroya Jewellers, VC of Dubai Gold & Jewellery Group; and Deepak Choksi, Director of CVM Jewels Junagadh who shared their insights on gold jewellery demand in Dubai.In an interview with CNBC-TV18, DiRienzo highlighted that several factors are propelling silver’s remarkable ascent. Notably, silver has been in a supply deficit for four consecutive years, with 2024 expected to see a deficit of 215 million ounces.This ongoing shortage is largely fuelled by strong industrial demand, particularly from the photovoltaic sector, which is expected to consume a record 232 million ounces of silver this year. The growing electrification of industries around the world also plays a crucial role, as silver remains essential in the production of all electronic devices with on-and-off switches, including electric vehicles and solar panels.