India restricts silver imports, hikes gold-silver duty to 15% — jewellery retailers brace for margin hit
DGFT moves silver imports for domestic use to restricted category, requiring government approval. Customs duty on gold and silver raised to 15% from 6%, platinum to 15.4%. Duty-free gold imports capped at 100 kg. Jewellery export units exempt. Hits Tanishq, Kalyan, Malabar Gold sourcing as silver imports surged 150% to $12.05 bn in FY26.
Government places silver imports for domestic consumption under restricted category requiring approval, after raising gold/silver customs duty to 15% and capping duty-free gold imports at 100kg. Jewellery export units exempt. Impacts Indian jewellery retailers.
Why this matters
Follows back-to-back tightening: after the precious metals duty hike, DGFT now mandates authorisation for silver bar imports, compounding sourcing risk for jewellery chains already absorbing higher landed costs.
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