India silver imports crash 87% in May to $75.6M as duty hike to 15% chokes inflows
Government curbs and a duty jump from 6% to 15% drove May silver imports to a three-year low of $75.57M, with volumes down 94% to 33 tonnes. Local premiums are climbing, squeezing jewellery chains like Tanishq, Kalyan and Malabar and pressuring silver ETF demand against an 80% import-dependency backdrop.
India's silver imports fell 87% YoY to $75.57M in May after the government restricted silver imports and raised duties to 15%. Local premiums are rising, impacting jewellery retailers (Tanishq, Kalyan, Malabar) and silver ETF-driven investment demand.