Silver Imports

Fresh import permits are set to ease India's silver supply constraints and premiums ahead of Diwali, though demand is expected to trail last year's levels

Praveen Singh of Mirae Asset Sharekhan said that silver has fallen quite sharply in the last few weeks. The white metal looks weaker than gold, as ETF flows are not inspiring.

Several traders and banks have recently secured licenses allowing them to bring more silver into the country, though with some unusual import requirements

The government has collected Rs 10,463 crore as customs duty on gold, silver and platinum between May 13 and August 2, Parliament was informed on Monday. The import duty on gold and silver had been hiked to 15 per cent, from 6 per cent, and that on platinum to 15.4 per cent from 6.4 per cent, with effect from May 13. Consequential changes were also made to other items, including gold and silver dore, coins, and findings. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the government has collected Rs 10,040 crore as customs duty on gold between May 13 and August 2. During the period, Rs 328 crore and Rs 95 crore were collected as customs duty on silver and platinum, respectively. Cumulatively, the total customs duty collection from the three precious metals during the period stood at Rs 10,463 crore. Chaudhary further said that between May 13 and June 30, 161 kg of smuggled gold were seized and 116 persons were arrested. On M

India imposed licensing requirements for silver imports in May to preserve foreign-exchange reserves, sending shipments plunging to an estimated 29 tonnes in June from 747 tonnes in January

According to Praveen Singh, head of commodities at Mirae Asset Sharekhan, silver is expected to continue to remain under pressure unless a US-Iran deal is formally announced

In the present scenario, upside in silver is expected to remain capped barring clear and material developments aiding constructive US-Iran negotiations

The notification from the DGFT comes within a week of the government raising the duty on the import of the precious metal to 15 per cent from 6 per cent

Under the revised policy, imports of silver bars containing 99.9 per cent or more silver by weight, as well as other silver bars under specific HS codes, will now require authorisation

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The government imposed a 10 per cent basic customs duty along with a 5 per cent Agriculture Infrastructure and Development Cess (AIDC), aiming to curb imports of the previous metals

The resumption is expected to boost the country's gold imports, widen ‌the trade deficit and put more pressure on the rupee, which is among Asia's worst-performing currencies this year

India is ​the ‌world's second-largest consumer of gold ‌and the largest ‌consumer of silver

Shipments have been stuck at customs since the start of the financial year on April 1, ensnared by administrative bottlenecks and a lack of clarity over taxes

The country's gold imports rose 24 per cent to hit an all-time high of USD 71.98 billion in 2025-26 on account of high prices of the precious metal, according to Commerce Ministry data. Gold imports stood at USD 58 billion in 2024-25. It was USD 45.54 billion in 2023-24 and USD 35 billion in 2022-23. In volume terms, imports dipped 4.76 per cent to 721.03 tonnes. It was 757.09 tonnes in 2024-25. Similarly, silver imports jumped about 150 per cent to USD 12 billion in the last fiscal due to higher prices. In volume terms, it rose by 42 per cent to 7,334.96 tonnes in 2025-26. The rise in imports of these precious metals has pushed the country's trade deficit (difference between imports and exports) to USD 333.2 billion during 2025-26, the data showed. Prices of the yellow metal are hovering around Rs 1,56,000 per 10 grams (inclusive of all taxes) in the national capital. Silver was priced at around Rs 2.53 lakh per Kg. Higher "gold import is driven by the rise in prices from USD ..

On April 14, silver prices surged to $80.85 -- the highest since March 13 -- on Iran peace hopes before erasing gains as the US Dollar stabilised

Without fresh imports, India could face supply shortages, as the ​world's second-largest gold consumer and biggest silver buyer relies on overseas purchases to meet nearly all its demand

Silver moving through the $90/oz mark, believes Nigel Green, chief executive officer of deVere Group, a global consulting firm that has $14 billion in AUM, marks a decisive shift in market psycology