Silver Import: Ever since the war between Iran and the US started, it has shaken India’s economy. The government is taking many strict steps to deal with this situation but still the public is being hit by inflation. In view of this, recently the Government of India has once again changed the rules for import of silver. These rules have now been made even more strict.

In fact, the Government of India has increased the control on import of silver and made its rules even more stringent. Now, to import silver grains, powder and silver of 99.9% purity, first permission will have to be taken from the government. For which orders have been issued on Tuesday only.

According to this order, all such importers will have to obtain valid import authorization from the Directorate General of Foreign Trade (DGFT). Without its approval these products cannot be imported.

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Changes in recent times
Last month, the government had increased the import duty on gold and silver to 15%. Its objective is to reduce non-essential imports and reduce pressure on foreign exchange reserves amid the ongoing tension in the Middle East. A rapid increase in silver imports has been seen in recent months. In April, silver imports increased by 157% on an annual basis to reach 411 million dollars. At the same time, in the financial year 2025-26, till now it has increased by about 150% to reach 12 billion dollars.

Increasing concern among silver traders
This decision of the government has created a lot of stir among silver traders also. The new rules may increase uncertainty for importers and the import process may also become a little more difficult. Due to which traders will have to bear the consequences.

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Reason for increasing strictness?
Let us tell you that India is the largest consumer of silver in the world and there has been a sharp increase in its imports in recent times. In the financial year 2025-26, India imported a record silver worth 12 billion dollars, whereas in the previous financial year this figure was 4.8 billion dollars. The government wants to control the increasing imports so that the pressure on foreign exchange reserves can be reduced. In the same direction, last month the import duty on gold and silver was also increased from 6% to 15%.

These days, silver prices are continuously creating new records in India, just as earlier only gold prices were discussed, now silver is also becoming the first choice of investors. Due to rising inflation, global economic uncertainty and the strength of the dollar, people are looking for safe investments. In such an environment, silver is also being seen as a safe investment. This is the reason why there is a sharp rise in its prices.

In recent times, the price of silver in India has reached around Rs 2.5 lakh per kg. The silver which was available at around Rs 90 thousand per kg just a few years ago, has today reached close to Rs 2.5 lakh. This rise has surprised everyone, from common people to big investors. Meanwhile, a question is arising in the minds of people that if silver is available anywhere in the world cheaper than India, then which country is that and can silver be bought from there and brought to India.

In which country is the cheapest silver available in the world?
According to reports, silver is much cheaper in the South American country Chile than in India. Chile is one of the major centers of silver production. Mining is done there on a large scale, hence the supply is high and prices remain low. It is said that in Chile, silver can be found cheaper than India by about Rs 30 to 40 thousand per kg. Russia ranks second among the countries where silver is available cheap. Russia is also a country rich in mineral resources. The price of silver here is said to be about Rs 20 to 30 thousand per kg less than in India. Due to high local production and different tax structure, prices remain low there.

Other countries where silver is cheap

China’s name comes in third place. China itself is a big producer and consumer of silver. The price of 1 kg silver there is said to be much lower than in India. The prices there remain low due to local production, low costs and tax regime. Apart from these countries, there are some countries where silver can be found at a lower price than India, like Australia, Poland, Argentina, Bolivia, Mexico, Portugal and the United States. However, even in these countries the actual price depends on the local market rate, tax and purity.

Can we bring silver to India from abroad?

Now the most important question is that if silver is cheap in a country, can it be bought from there and brought to India, but for this it is necessary to follow the custom rules of the Government of India. A traveler coming from abroad can bring limited quantity of silver to India. Generally, custom duty has to be paid on bringing silver. It is not possible to bring silver in large quantities without duty. If a large quantity is brought, it can be considered as commercial import. Custom duties and rules change from time to time, so official information must be obtained before travelling.

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