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New Silver Import Rules May Push Domestic Premiums Higher, Says Industry
: The Indian bullion and jewellery industry has expressed concern after the Government of India revised the import policy for silver bars and semi-manufactured silver bars under ITC (HS) Codes 71069221 and 71069229 from “Free” to “Restricted.”
Following the amendment, imports under these categories will no longer be automatically permitted and importers will now be required to comply with policy conditions, approvals, and regulatory procedures. The revised rules have come into effect immediately.
The All India Jewellers and Gold Smith Federation (AIJGF) believes the move could significantly impact India’s domestic silver supply chain, jewellery manufacturing sector, industrial consumption, and trading premiums. Silver in India is not only used for jewellery but also for utensils, investment products, religious items, electronics, solar equipment, and various industrial applications.
AIJGF National President Pankaj Arora and UP Coordinator Vinod Maheshwari stated that delays in licensing or customs clearance could disrupt silver availability in the domestic market. According to the federation, this may result in higher Indian market premiums compared to international prices and could also trigger unusual volatility in MCX and physical bullion markets.
The federation clarified that while the government’s intention to improve import monitoring and transparency is understandable, implementation should not adversely affect genuine importers, jewellery manufacturers, and small traders.
AIJGF has urged the Directorate General of Foreign Trade (DGFT) to immediately release operational guidelines, clarify eligibility criteria for importers, and define the practical implementation of Policy Condition No. 7. The industry body also demanded a fast-track approval mechanism for legitimate bullion and jewellery importers to ensure uninterrupted supply chains.
The federation further appealed to authorities to monitor artificial premiums, hoarding, and speculative activities in the domestic market so that small and medium jewellers are protected from unnecessary losses.
