DGFT shifts silver imports to restricted list, jewellery chains face supply squeeze
Government moves silver bars and semi-manufactured silver from free to restricted category, mandating approvals alongside the 15% import duty and tighter Advance Authorisation norms. Jewellery retailers Tanishq, Kalyan and Malabar face margin pressure as inflows tighten amid $71.98B gold import surge.
What happened
DGFT · Government shifts silver bars, unwrought and semi-manufactured silver imports from free to restricted category, requiring approvals. Move follows raised
Key facts
- 15% import duty
- 100 kg per licence
- 50% export obligation
- $71.98 billion gold imports FY26
- 24% surge
Why this matters
Scout vertical integration plays—domestic silver refiners, recyclers, or export-credentialed partners become strategic acquisition targets to bypass the restricted-list chokepoint and secure Advance Authorisation eligibility.