Silver Price Update: Do you also invest in silver and are planning to buy jewelery or are you worried about rising prices, then this news is very important for you. The Indian government has made the import rules of precious metals more stringent. After increasing the duty on gold and changing the duty-free limit, the government has now taken a big decision on the silver business as well. The government has put the import of silver ingots and other semi-finished silver products in the restricted category. Due to this, we may see an increase in the prices of silver in the country in the coming time.

What is the new decision of the government?

Let us tell you that the government has kept the import of silver ingots of 99.9 percent purity and other semi-finished forms of silver in the restricted category from May 16, 2026. This means that now their import will not be as easy as before. Last year, the share of these two categories in India’s total silver imports was about 90 percent.

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Why did the government take this step?

The main objective of this decision is to reduce the increasing import burden on the country. India’s import expenditure has increased rapidly due to Middle East tension, strengthening of the dollar and weakening of the rupee.

How much was spent on importing silver?

According to Trade Ministry data, India spent $12 billion on silver imports in the financial year 2025-26. Whereas in the financial year 2024-25 this figure was 4.8 billion dollars. That means a big jump was seen in silver import expenses in one year.

Huge jump in imports in April

An increase of 157 percent was recorded in silver imports in April 2026, whereas in the same month last year this figure was 411 million dollars. India mainly imports silver from United Arab Emirates, United Kingdom and China.

Has import stopped completely?

According to Jatin Trivedi, commodity and currency resource expert of LKP Securities, this does not mean that India has completely stopped importing silver. Now import of silver only…

• Banks associated with RBI
• DGFT-Approved Entities
• This can be done only through designated agencies associated with bullion exchange.

Will silver prices increase?

Experts believe that prices in the domestic market may be affected. If supply is limited, silver premiums may increase, meaning Indian customers may have to pay higher prices. However, this will not have much impact on the international market, because India is definitely a big buyer but does not decide the global price.

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What is the real purpose of the government?

According to experts, this step is not only about silver. The main objective of the government is to reduce pressure on foreign exchange reserves and control the withdrawal of dollars.

Current price of silver in India

At present the prices of silver in India are as follows

• 1 kg silver- ₹2.80 lakh
• 100 grams- ₹28,000
• 10 grams- ₹2,800
• 1 gram- ₹280

So far in May 2026, an increase of about 10 percent has been recorded in the prices of silver.