India restricts silver imports, hikes gold-silver duty to 15% — jewellery retailers brace for margin hit
DGFT moves silver imports for domestic use to restricted category, requiring government approval. Customs duty on gold and silver raised to 15% from 6%, platinum to 15.4%. Duty-free gold imports capped at 100 kg. Jewellery export units exempt. Hits Tanishq, Kalyan, Malabar Gold sourcing as silver imports surged 150% to $12.05 bn in FY26.
What happened
Government of India · Government places silver imports for domestic consumption under restricted category requiring approval, after raising gold/silver customs
Key facts
- customs duty raised to 15% from 6%
- platinum duty to 15.4% from 6.4%
- 100 kg gold import limit
- silver imports up 150% to $12.05 bn in FY26
- gold imports up 24% to $71.98 bn
- silver volume 7,334 tonnes
Why this matters
Accelerate partnerships or M&A with EOU-licensed jewellery exporters to arbitrage the duty-free carveout, and revisit domestic refining or recycling assets as restricted silver imports make backward integration strategically valuable.