Centre shifts silver bar imports to 'Restricted' list, jewellery retailers face supply squeeze
DGFT has moved silver bars under HS codes 71069221 and 71069229 from 'Free' to 'Restricted' with immediate effect, subject to Policy Condition 7. The tightening follows a 15% duty hike on precious metals and a 100-kg cap on duty-free gold imports, raising sourcing costs for jewellery retailers.
What happened
DGFT · India has shifted silver bar imports (HS 71069221, 71069229) from 'Free' to 'Restricted' effective immediately, subject to Policy Condition 7. The move
Key facts
- 99.9%
- 15%
- 100 kg
- 71069221
- 71069229
Why this matters
Restricted-list status creates a window to acquire or partner with smaller jewellers lacking import licences, while scouting domestic refining tie-ups to secure compliant silver supply.