Dramatic image showing a silver bar next to a locked silver jewellery box, symbolizing the lowered import duty on bullion versus the restriction on finished goods.
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Silver Import Duty in India: What is the Current Rate, Why are Jewellery Imports Restricted, and How Does it Affect Price?

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The Indian government has reduced the import duty on silver bullion to 6% but simultaneously restricted the import of plain silver jewellery (HSN 7113) until March 2026. These changes dramatically impact the price and supply chain for consumers and jewellers.