DGFT moves silver imports to 'restricted' list, licences mandatory after 15% duty hike
Notification 17/2026-27 closes UAE FTA arbitrage window where 7% concessional rate undercut India's 15% duty plus 3% IGST. Silver imports hit $12B in FY26, up 150%. Export units exempt; Tanishq, Titan, Kalyan face tighter sourcing compliance for silver jewellery lines.
India shifted silver imports from 'free' to 'restricted' via DGFT Notification 17/2026-27, requiring licences after a duty hike to 15% created arbitrage risk via UAE FTA. Export units exempt; impacts jewellery sourcing for Indian retailers.