Illustrative image - Photo: Bloomberg.
This move comes as the world's largest silver consumer is striving to control imports and ease downward pressure on its currency, the rupee.
The decree states that India has placed imports of 99.9% pure silver ingots and all other forms of semi-finished silver under restriction, effective immediately. These two categories accounted for over 90% of the country's total silver imports in the last fiscal year.
Commenting on this issue, Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer in India, said that this move would reduce imports and tighten domestic supply, thereby driving up domestic prices.
Earlier this week, India also increased import duties on gold and silver from 6% to 15%. This is part of an effort to reduce imports of these precious metals from abroad, while easing pressure on foreign exchange reserves, which are being eroded by rising oil prices.
Statistics show that India spent a record $12 billion on silver imports in the 2025-2026 financial year, which ended in March, a sharp increase from the $4.8 billion of the previous year. According to data from the Indian Ministry of Commerce, silver imports surged 157% year-on-year in April alone, reaching $411 million.
In India, silver is widely used for jewelry, coinage, ingots, and industrial applications ranging from solar energy to electronics. The country must meet over 80% of its domestic silver consumption through imports. Currently, India imports silver primarily from the United Arab Emirates (UAE), the United Kingdom, and China.
Source: https://vtv.vn/an-do-han-che-nhap-khau-bac-duoi-hau-het-moi-hinh-thuc-100260517164113621.htm
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