India puts silver grains, powder under restricted list; DGFT nod now mandatory for imports
DGFT has moved 99.9%-purity silver grains and powder to the restricted import list, mandating prior approval. The curbs follow a 15% duty hike and target record FY26 silver imports of $12B (up 157% YoY), squeezing jewellery retailers and bullion dealers reliant on duty-free routing.
What happened
India has placed silver grains, powder and 99.9%-purity silver products under the restricted import list, requiring DGFT approval. The move follows a duty hike
Key facts
- 99.9% purity
- 15% import duty
- $12 billion FY26 imports
- $4.8 billion previous year
- $411 million April imports
- 157% YoY
Why this matters
Distressed mid-tier bullion dealers without DGFT relationships become acquisition targets, while vertically integrated refiners gain strategic premium in any consolidation play.