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.
India moved 99%+ silver bars and other silver bars from 'free' to 'restricted' import category, requiring licences. Follows duty hike from 6% to 15% on gold and silver. Targets surging imports, especially low-duty UAE CEPA routing. Affects jewellery retailers like Tanishq, Kalyan, Malabar.