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Import silver

5% BCD + 1% AIDC, 3% IGST. Imports jumped to about US$ 12 billion in FY 2025-26, mainly from the UK and Hong Kong.

Free, with conditionsHS 7106
Basic customs duty
5%
5%
Social welfare surcharge
Nil (exempt)
IGST
3%
3%
India’s imports, 2025-26
US$ 12.1 bn
from 37 countries

S. No. 197 of notification 45/2025-Customs sets 5% BCD on goods of 7106 (the tariff rate is higher); silver dore with up to 95% silver has its own 5% entry (S. No. 193), valid until 31 Mar 2027 after 2/2026-Customs. Silver is outside the Social Welfare Surcharge. IGST on silver is 3% (Schedule IV, notification 9/2025-Integrated Tax (Rate)). Duty is charged on the fortnightly tariff value. Confirm on ICEGATE before pricing. AIDC 1% (notification 11/2021-Customs as amended in July 2024; 2.5% as first issued). CBIC — Notification 45/2025-Customs (effective duty rates), 24 Oct 2025, as amended ↗

What is imported

Silver is used for jewellery and utensils, solar panels, electronics and as an investment. Imports under 7106 rose to about US$ 12.1 billion in FY 2025-26 from US$ 4.8 billion (TradeStat). The UK supplied 43% and Hong Kong 27%, followed by the USA, Switzerland and the UAE. Like gold, most silver reaches small buyers through banks and nominated agencies.

Import policy · Free, with conditions

Import of silver bullion is channelled through nominated agencies and banks, and qualified jewellers through IIBX for specified codes. Conditions differ by 8-digit code, so check the current policy condition in ITC(HS) Chapter 71 on DGFT.

Licences and registrations you need

  • RBI / DGFT (nominated agencies)Banks authorised by RBI and agencies nominated by DGFT import silver bullion; check the current list before you buy.rbi.org.in ↗
  • IFSCA (qualified jewellers on IIBX)Qualified jewellers can import silver through the India International Bullion Exchange where the policy allows.ifsca.gov.in ↗

What is checked at the port

  • Weighing and assay of purity at customs; duty on the CBIC tariff value.
  • Importer eligibility under the ITC(HS) condition for the code.
  • Origin documents where a trade-agreement rate is claimed.

Practical tips

  • Industrial users (solar, electronics) should compare buying from a bank against Advance Authorisation if they export.
  • Track the fortnightly tariff value; duty can rise even when your invoice price does not.

Where new importers go wrong

  • Importing silver articles or jewellery under a bullion code to get the bullion rate — classification disputes follow.
  • Assuming any IEC holder can import bullion without checking the policy condition.
Sources (10)
  1. CBIC — Notification 45/2025-Customs (effective duty rates), 24 Oct 2025, as amended
  2. Notification 2/2026-Customs (Budget amendments to 45/2025-Customs), 1 Feb 2026
  3. CBIC — Customs Tariff of India (as on 30.06.2025)
  4. Notification 11/2021-Customs — Agriculture Infrastructure and Development Cess (as first issued)
  5. CBIC — Notification 9/2025-Integrated Tax (Rate), 17 Sep 2025 (IGST rates from 22 Sep 2025)
  6. DGFT — ITC(HS) import policy (Schedule 1)
  7. Reserve Bank of India — banks nominated to import gold and silver
  8. IFSCA — qualified jewellers and India International Bullion Exchange
  9. Commerce Ministry TradeStat — commodity-wise imports by country (FY 2025-26)
  10. ICEGATE — Customs duty and tariff look-up

Import data

Where India buys silver

India’s imports from the Department of Commerce’s TradeStat, country by country. US$, financial years.

Imports, 2025-26
US$ 12.1 bn
Change from 2024-25
+149.6%
Supplying countries
37
Biggest supplier
United Kingdom
43%
United Kingdom: US$ 5.2 bnHong Kong: US$ 3.24 bnUnited States of America: US$ 1.14 bnSwitzerland: US$ 577 mnUnited Arab Emirates: US$ 485 mnChina: US$ 297 mnSingapore: US$ 218 mnJapan: US$ 168 mnSouth Korea: US$ 104 mnItaly: US$ 97.4 mnAustralia: US$ 95.7 mnPeru: US$ 71.8 mnKazakhstan: US$ 67.6 mnCanada: US$ 54.7 mnGermany: US$ 50.5 mnUnited Kingdom: US$ 5.2 bnUnited KingdomHong Kong: US$ 3.24 bnHong KongUnited States of America: US$ 1.14 bnUnited States of AmericaSwitzerland: US$ 577 mnUnited Arab Emirates: US$ 485 mnUnited Arab EmiratesChina: US$ 297 mnChinaSingapore: US$ 218 mnSingaporeJapan: US$ 168 mnSouth Korea: US$ 104 mnItaly: US$ 97.4 mnAustralia: US$ 95.7 mnPeru: US$ 71.8 mnKazakhstan: US$ 67.6 mnCanada: US$ 54.7 mnGermany: US$ 50.5 mnIndia
Where India imports silver from — among our 80 countries, 2025-26
2020-21: US$ 790 mn7902020-212021-22: US$ 3.28 bn3.3k2021-222022-23: US$ 5.29 bn5.3k2022-232023-24: US$ 4.46 bn4.5k2023-242024-25: US$ 4.83 bn4.8k2024-252025-26: US$ 12.1 bn12k2025-26
India’s silver imports · US$ million

Biggest supplying countries

Name2025-26Change
1United KingdomUS$ 5.2 bn+145.9%
2Hong KongUS$ 3.24 bn+120.2%
3United States of AmericaUS$ 1.14 bn+4,741.1%
4SwitzerlandUS$ 577 mn+277.2%
5United Arab EmiratesUS$ 485 mn+8%
6ChinaUS$ 297 mn+1,073.2%
7SingaporeUS$ 218 mn+280.4%
8JapanUS$ 168 mn+2,79,533.3%
9South KoreaUS$ 104 mn+157.4%
10ItalyUS$ 97.4 mn+355.4%
11AustraliaUS$ 95.7 mn-65.8%
12PeruUS$ 71.8 mn+322.8%

Which sources are growing and shrinking

Growing sources

  1. JapanUS$ 60k → US$ 168 mn+2,79,533.3%
  2. United States of AmericaUS$ 23.6 mn → US$ 1.14 bn+4,741.1%
  3. ChinaUS$ 25.3 mn → US$ 297 mn+1,073.2%
  4. SingaporeUS$ 57.4 mn → US$ 218 mn+280.4%
  5. SwitzerlandUS$ 153 mn → US$ 577 mn+277.2%
  6. United KingdomUS$ 2.12 bn → US$ 5.2 bn+145.9%

Shrinking sources

  1. AustraliaUS$ 280 mn → US$ 95.7 mn-65.8%

Which forms come in, and at what price

Imports by 8-digit tariff line, 2025-26. Average price = total value ÷ total quantity.

Tariff lineValue 2025-26ChangeQuantityAverage price
Containing 99.9 percent or more by weight of silver7106 92 21US$ 10.8 bn—6,415 tonnesUS$ 1691.29 per kg
Metals, silver, unwrought, — grains7106 91 10US$ 906 mn+62.9%597 tonnesUS$ 1516.90 per kg
All other semi manufactured forms of slvr7106 92 90US$ 184 mn+64.5%156 tonnesUS$ 1183.08 per kg
Others-of-semi manufactured silver7106 92 29US$ 39.5 mn—35 tonnesUS$ 1115.70 per kg
Sheets plates strips tubes and pipes of slvr7106 92 10US$ 36 mn+18.8%26 tonnesUS$ 1384.43 per kg
Others-of-unwrought silver7106 91 90US$ 14.2 mn-26.7%35 tonnesUS$ 409.69 per kg
Containing 99.9 percent or more by weight of silver7106 91 20US$ 13.7 mn—6.8 tonnesUS$ 2002.05 per kg
Metals, silver powder — silver in powder form7106 10 00US$ 7.9 mn+82.4%64 tonnesUS$ 123.16 per kg

Source: TradeStat — Export Import Data Bank, Department of Commerce · Figures taken 29 October 2026.

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