India silver imports crash 87% in May after duty hike to 15%
May silver imports fell to $75.57M from $566.22M a year earlier, with volumes down 94% to 33 metric tons. The 15% duty and tighter curbs squeeze jewellery retailers including Tanishq and Titan as local premiums climb and silver ETF inflows face pressure.
What happened
Government of India · India's silver imports plunged 87% YoY in May to $75.57 million after government tightened import curbs and raised duties to 15%,
Key facts
- 87% YoY drop
- $75.57 million May imports
- $566.22 million May 2024
- 33 metric tons
- 94% volume drop
- 15% import duty
- $12 billion FY25/26 silver imports
- $4.8 billion prior year
Why this matters
Scout distressed silver-focused regional jewellers and ETF-adjacent bullion players for opportunistic consolidation as duty shock stresses smaller balance sheets over the next two quarters.