Gold, silver or shares? How Mukesh Ambani believes the average Indian saver can grow their wealth

Gold and silver have made headlines again after a sharp rise in prices, luring investors back to traditional safe havens. But even as there is focus on precious metals, Mukesh Ambani said parking savings in precious metals may not really contribute to wealth growth in a fast-growing economy like India.Speaking at a JioBlacrock event, Ambani pointed out that India imported about $60 billion worth of gold and another $10-15 billion worth of silver last year. Most of this, he said, is not used productively but is largely held as a form of savings. Although gold and silver provide comfort and protection in uncertain times, they do little to directly contribute to the country’s economic growth.

“If we can convince Indian savers to invest in the capital markets, these returns are likely to increase,” Ambani said, making a clear case for shifting household savings from idle assets to investments that grow with businesses and the economy.His comments come at a time when gold and silver prices have risen sharply after a steep sell-off, reigniting investor interest. The recent recovery has reinforced India’s long-standing preference for precious metals as a store of value, especially during periods of volatility. Yet Ambani argues that while precious metals can protect value, they do not create new value in the way that productive investments do.

India has traditionally been one of the world’s largest consumers of gold, with households viewing it as a symbol of security, cultural wealth and financial stability. For decades, this has resulted in massive imports that increase current account burdens but remain outside the formal financial system. Silver has also become increasingly preferred as an investment and savings vehicle in recent years.

Ambani contrasted this with the capital markets, where money is deployed in businesses, infrastructure and innovation. As companies grow, generate profits and expand, investors benefit from seeing returns compound over time. According to him, this is the next phase of wealth creation in India, especially as the country enters a multi-decade growth cycle.

Also read: ‘Idle money in bank accounts not getting worse’: Mukesh Ambani on why Indians should invest in the stock market. He also touched on the broader opportunities in financial services, referring to JioBlackRock, the joint venture between Reliance and the world’s largest asset manager. Ambani said that while “disruption may be in vogue,” the real focus is on the vast, untapped opportunities in the Indian investment landscape.

The goal, he said, is not to upend the system overnight, but to make investing easier, safer and more accessible to millions of Indians.

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