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.
DGFT places silver imports for domestic use under restricted category, requiring prior approval. Jewellery exporters, EOUs and SEZ units exempt. Follows duty hikes to 15% on gold/silver, impacting Tanishq, Kalyan, Malabar and other jewellery retailers' sourcing.