DGFT puts silver imports under restricted list; jewellery retailers face sourcing squeeze
Silver imports for domestic use now need prior DGFT approval, following customs duty hikes to 15% from 6%. Jewellery exporters, EOUs and SEZ units are exempt. Tanishq, Kalyan and Malabar face tighter sourcing as silver imports surged 149% to $12.05B in FY26 and April alone jumped 157% to $411M.
What happened
DGFT places silver imports for domestic use under restricted category, requiring prior approval. Jewellery exporters, EOUs and SEZ units exempt. Follows duty
Key facts
- silver imports up 149% to $12.05B in FY26
- customs duty raised to 15% from 6%
- 100 kg gold import cap
- April silver imports up 157% to $411M
- gold imports $71.98B
Why this matters
Scout bolt-on stakes in EOU/SEZ silver refiners and exporters who retain import freedom, as the carve-out creates a structural sourcing arbitrage versus domestic-focused peers.