India silver imports crash 87% in May after duty hike to 15%
May silver imports fell to $75.57M from $566.22M a year earlier, with volumes down 94% to 33 metric tons. The 15% duty and tighter curbs squeeze jewellery retailers including Tanishq and Titan as local premiums climb and silver ETF inflows face pressure.
India's silver imports plunged 87% YoY in May to $75.57 million after government tightened import curbs and raised duties to 15%, pressuring jewellery retailers like Tanishq, Titan and silver ETF inflows as local premiums rise.
Why this matters
Follows the government's move to hike gold and silver base import prices just three days after a cut, compounding pressure on jewellery retailers already navigating volatile duty signals.
Retail-brand signals steady at 1,508 over the past 90 days, with policy-driven shocks dominating recent activity.