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India Silver Imports Plunge 82% in May After Duty Hike to 15% Trade
Tariffs & Duties #india#silver

India Silver Imports Plunge 82% in May After Duty Hike to 15%

India's silver imports plunged 82% to US$76 million in May from US$411 million in April, following a government duty hike from 6% to 15% and reclassification to 'restricted' category. The measures came after silver imports surged 149.6% to a record US$12.05 billion in FY2025-26. A GTRI report warns the duty hike widened the tariff advantage for imports routed through the UAE under the India-UAE free trade agreement, creating an 8 percentage-point differential.

Jun 17, 2026 1 source