India tightens silver import rules, jewellery chains face supply squeeze
DGFT shifted 99%+ purity silver bars from 'free' to 'restricted' category, mandating import licences. Move follows duty hike from 6% to 15% and targets a 42% volume surge routed via UAE CEPA's 7% concessional rate. Tanishq, Kalyan, Malabar exposed as $12.1bn silver import channel narrows.
What happened
Government of India · India moved 99%+ silver bars and other silver bars from 'free' to 'restricted' import category, requiring licences. Follows duty hike from
Key facts
- 99% purity
- $12.1 billion silver imports
- 7,335 tonne
- 42% volume jump
- $411 million April imports
- duty hike 6% to 15%
- UAE CEPA 7% concessional duty
- 8 ppt tariff gap
Why this matters
Scout bolt-on targets with established DGFT licence track records or domestic refining capacity, since restricted-list status creates a durable moat for vertically integrated jewellery players.