India mandates DGFT approval for silver imports, squeezing jewellers as inbound shipments hit $12B

DGFT now requires prior authorisation for imports of 99.9% pure silver in grain, powder and unwrought forms. The clampdown follows a 15% tariff hike and targets a 157% YoY surge that pushed FY26 silver imports to $12B versus $4.8B prior. Jewellery retailers like Tanishq and bullion-linked investment products face tighter sourcing.

— Source publishedTue, 2 Jun, 2026, 19:52 IST·First seen Tue, 2 Jun, 2026, 20:05 IST·Source The Hindu BusinessLine

What happened

India has restricted silver imports in grain, powder and other 99.9% pure forms, mandating prior DGFT authorisation. The move follows a tariff hike to 15% and

Key facts

  • 99.9% purity
  • 15% import tariff
  • $12 billion FY26 silver imports
  • $4.8 billion prior year
  • $411 million April imports
  • 157% YoY

Why this matters

Curbs create acquisition openings among smaller silver-dependent jewellers facing working-capital strain, while vertically integrated refiners with DGFT licences become scarcer strategic assets.