India's import curbs spur silver shortage and rising premiums
Business
India's new silver import restrictions have caused a big supply crunch, making silver more expensive: premiums are now more than 10% above global prices.
Imports dropped sharply from 534.3 tons in May 2025 to just 46.8 tons in May 2026, so if you're wondering why your favorite jewelry or technology is pricier, this might be why.
India taps Hindustan Zinc, raises duties
Since India usually imports more than 80% of its silver, the country is now leaning hard on local producer Hindustan Zinc to fill the gap.
The government also raised import duties on both silver and gold from 6% to 15%, trying to control the trade deficit.
With demand bouncing back for both investment and industry, shortages could stick around: prices may keep climbing.