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.
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 aims to curb record $12 billion silver imports, impacting jewellery retailers and bullion-linked investment products.
Why this matters
Third DGFT action in recent signals tightening silver imports, escalating from a 15% duty hike to mandatory licences as inbound shipments more than doubled to $12B.
Retail-brand activity steady at 885 signals in last 90 days.