India has placed imports of high purity silver bars and most semi-manufactured silver under a restricted category that requires a government license, effective immediately.
The move comes days after New Delhi raised the import duty on precious metals from 6% to 15% on May 13. The Directorate General of Foreign Trade issued the notification on Saturday, which also covers silver plated with gold or platinum.
India ranks as the world’s largest silver consumer and relies on foreign supplies for more than 80% of its needs. The two newly restricted categories made up more than 90% of total silver imports in the prior fiscal year. Spending on those inflows reached a record $12 billion in 2025/26, more than double the $4.8 billion recorded the previous year. In April alone, silver imports surged 157% from a year earlier to $411 million.
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