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%.

Gold Import Surge: Even though there has been a decline in exports from India due to American tariffs, there is no laxity in imports. According to data released by the Commerce Ministry on Monday, imports increased by 16.63 percent to reach $76.06 billion in October. The contribution of gold and silver in this cannot be underestimated.

Demand increased in festive season

Due to strong demand during the festive season and wedding season, India’s gold import in October increased almost three times to a record $14.72 billion, whereas gold worth $4.92 billion was imported in October last year. During this period, silver worth $2.71 billion was imported from other countries, which is 528.71 percent more than a year ago.

Overall, gold worth $41.23 billion was imported between April-October, which is 21.44 percent more than last year’s $34 billion. This surge also took India’s trade deficit to an all-time high level of $41.68 billion in October.

From which countries does India buy gold?

Commerce Secretary Rajesh Aggarwal said that due to strong demand during festivals, the import of gold and silver has increased. Switzerland contributes about 40 percent to India’s gold imports, followed by the United Arab Emirates (16 percent) and South Africa (10 percent). In October, India alone imported gold worth $5.08 billion from Switzerland, which is 403.67 percent more. India is the largest buyer of gold after China. The share of gold in the country’s total imports is more than 5 percent.

At the same time, if we talk about exports to America, it has come down to $6.31 billion from last year’s $6.9 billion. However, between April and October, overall exports increased from $47.32 billion last year to $52.12 billion this year, which indicates positive trade.

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