The government has brought in import restrictions on plain silver jewellery, a move that will stay in place till March 31, 2026. The decision, announced through a Directorate General of Foreign Trade (DGFT) notification on September 25, shifts the policy from “free” to “restricted.” In simple terms, that means anyone looking to bring in such jewellery now needs a government licence.
Silver imports, especially through free trade agreements, have risen sharply in recent months. Officials suggest that some of these imports were not quite what they seemed—large quantities of silver entering India disguised as finished jewellery to enjoy preferential duty exemptions. Between April–June 2024-25 and April–June 2025-26, the numbers jumped steeply, raising red flags.
Authorities argue that unchecked imports were eating into the market for domestic jewellery manufacturers, putting pressure on small and medium businesses and the jobs they provide. By tightening the rules, the government hopes to level the playing field for Indian manufacturers and protect employment in the sector.
The restriction is officially described as a temporary measure, ending March 31, 2026. But whether it gets extended—or morphs into something permanent—remains to be seen.
For now, it’s clear that New Delhi is signalling it wants to guard against FTA loopholes and prioritise domestic interests in the jewellery industry.
