GTRI
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India tightens silver import rules, jewellery chains face supply squeeze
DGFT shifted 99%+ purity silver bars from 'free' to 'restricted' category, mandating import licences. Move follows duty hike from 6% to 15% and targets a 42% volume surge routed via UAE CEPA's 7% concessional rate. Tanishq, Kalyan, Malabar exposed as $12.1bn silver import channel narrows.
Times of India · Business · 5/16/2026, 10:07:06 PM
India doubles gold, silver customs duty to 15% to rein in bullion import bill
Government of India raised gold and silver customs duty from 6% to 15% and platinum to 15.4%, targeting a FY26 bullion bill that ballooned to $84bn despite volume drops. Analysts at Barclays and GTRI warn CEPA arbitrage with UAE (7% silver tariff, 200-tonne TRQ by 2027) and record global prices could blunt impact and fuel smuggling.
Business Today · Latest · 5/14/2026, 12:17:13 AM
India hikes gold, silver import duty to 15%; UAE CEPA route tightened to 14% from May 2026
Duty on gold and silver raised from 6% to 15% (platinum 15.4%), while the concessional UAE CEPA TRQ rate moves from 5% to 14% effective May 13, 2026. Move targets forex conservation and CAD relief, with estimated import savings of $6-9bn and demand compression of 50-60 tonnes a year.
The Hindu BusinessLine · 5/13/2026, 1:42:10 PM