India's silver imports plunged by an estimated 96% in June 2026 compared to January, falling from 747 tonnes to a mere 29 tonnes. This drastic drop follows a new licensing requirement imposed in May, aiming to conserve .
29 tonnes
Silver Imports (June 2026, Est.)
January 2026: 747 tonnes→29 tonnes
📊 One chart explains it
India's Monthly Silver Imports (Tonnes)
Takeaway: Silver imports saw a sharp decline from January to June 2026, with a drastic fall in the last two months following new licensing rules.
⏳ Time Machine
How today’s news fits into the bigger picture
January 2026
High Silver Import Volumes
India imported a substantial 747 tonnes of silver, reflecting strong domestic demand for the precious metal across various sectors.
May 2026
New Import Licensing Rule
The Indian government introduced a mandatory import licensing requirement for silver, aiming to manage foreign exchange outflows and stabilize the rupee.
June 2026
Silver Imports Plummet
Following the new policy, silver imports are estimated to have drastically fallen to 29 tonnes, indicating a significant impact on trade flows.
Today
India's silver imports are estimated to have crashed to just 29 tonnes in June, a 96% drop from January, following new licensing rules.
What happens next?
Industry stakeholders will closely monitor policy changes, while the RBI will assess the impact on foreign exchange reserves and the rupee's stability in the coming months.
India's silver imports experienced an unprecedented decline in June, plummeting to an estimated **29 tonnes** from **747 tonnes** in January 2026. This sharp reduction, a staggering 96% drop, is directly attributed to the new import licensing requirement introduced in May 2026. The government implemented this measure to curb outflows of foreign exchange and manage trade balances, as India is a major global importer of silver. The unexpected severity of the decline has led to concerns among jewellers and industrial users about potential supply shortages and price volatility. While intended to stabilize the rupee, the move has created immediate disruption in the silver market.
💭 If you're wondering…
India has a significant cultural demand for silver in jewellery and silverware, especially for weddings and festivals. Industrially, silver is used in electronics, solar panels, and various other manufacturing processes, driving high import volumes.
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