India's silver triple-shock: 15% duty, DGFT licences, MCX refiner delivery to keep retail prices elevated

Import duty jumps from 6% to 15% (BCD 10% + AIDC 5%), silver bars reclassified as restricted requiring DGFT licences, and MCX opens delivery to domestic refiners. Incremental cost of Rs 26,100/kg will keep jewellery, silverware and coin prices structurally above global benchmarks despite a 7% domestic price fall.

— Source publishedTue, 19 May, 2026, 13:19 IST·First seen Tue, 19 May, 2026, 18:51 IST·Source Financial Express · BrandWagon

What happened

India hiked silver import duty from 6% to 15%, reclassified silver bars to 'restricted' requiring DGFT licences, and MCX opened delivery to domestic refiners —

Key facts

  • import duty 6% to 15%
  • AIDC 5%
  • BCD 10%
  • incremental cost Rs 26,100/kg
  • silver Rs 2,68,129
  • silver fell 7%
  • global silver -14%

Why this matters

Scout acquisition or JV targets among DGFT-licensed importers and domestic refiners now positioned as gatekeepers in the restricted silver supply chain.