- India introduced tighter silver import policies in May 2026, leading to a total of 1,843 mt in silver imports for H1 2026, which is a 23% decrease YoY.
- Hong Kong exported only 124 mt of silver to India in H1 2026, impacted by the US-Iran war and high silver premiums in China.
- In August 2026, India imported 89.81 mt of silver via the IIBX platform, ending a six-month streak of zero imports.
- Around 400 mt of import permits have been approved, which has improved supply from July.
- New regulations now require a Certificate of Origin for each shipment, causing customs clearance hurdles for many traders.
- Domestic silver premiums have narrowed slightly, but the 30-day average remains around $4/oz, with logistics and customs clearance still taking several weeks.
- With the festive and wedding seasons approaching, there is an expectation of increased demand for imports.
- Last week, the Hong Kong spot premium to LBMA briefly closed at a discount of $0.2-0.1/oz, but this week it shifted to a discount of $0.25-0.2/oz.
India's silver imports fell 23% in H1 2026 due to stricter regulations implemented in May, which raised customs duties and required import authorizations.
Imports totaled just 1,843 mt, significantly down from previous years, as traders faced hurdles with documentation and compliance.1
Despite these challenges, the upcoming festive season, particularly the first day of Diwali, known as 'Dhanteras', is expected to drive demand, with consumption during the festival reaching 800–1,000 mt in 2025.
India's silver demand is projected to exceed 7,000 mt by 2025, primarily for jewelry and electronic components.
Recent reports indicate that India imported approximately 89.81 mt of silver via the IIBX platform in August, ending a six-month import drought.3
However, logistical issues persist, with shipments requiring a 'Certificate of Origin' and customs clearance taking weeks.5
As the festive season approaches, jewelers are expected to restock, potentially boosting imports and alleviating current inventory pressures.
Market conditions remain challenging, with domestic silver premiums averaging around $4/oz and supply recovery not yet fully realized.6
“India's H1 silver imports fell to 1,843 mt, with Hong Kong exports shrinking to just 124 mt amid the US-Iran war and high China premiums. New Certificate of Origin rules are delaying customs clearance, though 400 mt of import permits have been approved and the 30-day premium remains near $4/oz.”
