National News
India Tightens Silver Imports; Government Approval Now Mandatory For Silver Bars and Powder
Move Follows The Recent Import Duty Hike and Aims To Prevent Duty Arbitrage Through The India-UAE Trade Agreement While Protecting Foreign Exchange Reserves.
India has introduced stricter controls on silver imports in a significant policy move aimed at preventing traders from exploiting a newly created duty differential following the government’s recent increase in import taxes on precious metals. The decision comes amid concerns that lower-duty silver imports through the India-UAE trade agreement could become a route to bypass higher tariffs imposed on bullion imports.
To address this issue, the government has shifted certain categories of silver imports from the “Free” category to “Restricted,” meaning importers will now require government approval and licensing before bringing silver into India. The move forms part of broader efforts to regulate precious metal inflows, protect foreign exchange reserves, and plug potential trade loopholes.
According to a notification issued by the Directorate General of Foreign Trade (DGFT) on May 16 through Notification No. 17/2026–27, silver bars under HS codes 71069221 and 71069229, including 99.9% purity silver bars, have now been brought under the restricted category with immediate effect. The new regulation also applies to silver alloys containing gold and platinum.
The policy revision follows the government’s earlier decision on May 12 to increase import duties on gold and silver from 6% to 15%, in addition to a 3% Integrated Goods and Services Tax (IGST) on bullion imports.
The concern emerged due to provisions under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which came into effect on May 1, 2022. Under the agreement, India is gradually reducing tariffs on silver imports from the UAE from 10% to zero over a ten-year period ending in 2031. At present, silver imports from the UAE attract a concessional tariff of 7%.
Before the recent duty hike, India’s standard silver import duty stood at 6%, leaving minimal incentive for traders to reroute imports through Dubai. However, after the increase to 15%, the gap between the regular tariff and the UAE’s concessional rate widened to eight percentage points, creating a strong financial incentive for traders to channel global silver shipments through Dubai.
Industry think tank Global Trade Research Initiative (GTRI) highlighted that the wider tariff gap could potentially trigger large-scale arbitrage-driven imports from the UAE. The new licensing requirement is therefore expected to provide the government with greater control over the quantity and timing of silver imports, while reducing the possibility of duty circumvention.
The restrictions, however, will not apply to 100% Export Oriented Units (EOUs), Special Economic Zones (SEZs), or companies importing silver under export-promotion schemes such as Advance Authorisation for products including jewellery manufacturing. These exemptions ensure that export-focused industries continue to have access to silver for production requirements.
Unlike silver, gold imports have not been moved into the restricted category as the potential tariff advantage under the UAE agreement remains relatively small at around 1%, reducing concerns over large-scale arbitrage activity.
The move also comes amid a surge in precious metal imports. India’s silver imports crossed $12 billion in FY2026, recording a significant 150% increase over the previous year. Meanwhile, gold imports rose by over 24% to a record $71.98 billion in FY2025–26, despite shipment volumes declining 4.76% to 721.03 tonnes.
The sharp rise in imports has added to government concerns, with the latest measures designed to curb non-essential imports, maintain tighter oversight over precious metal inflows and reduce pressure on foreign exchange reserves amid rising crude oil prices and continuing global geopolitical uncertainties.
National News
AstaGuru Brings Together Regal Craftsmanship and Stunning Luxury Timepieces In Its Upcoming ‘Heirloom Jewellery, Silver & Timepieces’ auction
Online Auction On May 27–28 To Showcase Rare Heirloom Jewellery, Luxury Timepieces and Important Silver Collectibles.
AstaGuru Auction House is set to present its upcoming ‘Heirloom Jewellery, Silver & Timepieces’ auction. Scheduled to take place online on May 27–28, 2026, the auction brings together rare jewellery, collectible horology and important silver objects, reflecting a growing appreciation for pieces that combine craftsmanship, rarity and provenance.
The jewellery section presents an extraordinary range of period and contemporary jewels crafted with natural diamonds, emeralds and pearls. Spanning antique-inspired Rivière necklaces, Colombian & Panjshir emerald creations and finely articulated ruby compositions, the collection celebrates timeless elegance and exceptional gem-setting traditions.

Speaking about the jewellery section, Romil Dalal, Jewellery Expert at AstaGuru Auction House, said, “Collectors today are increasingly drawn to jewellery that transcends fleeting trends and embodies lasting value. From vintage diamond pieces featuring highly sought-after old-cut diamonds to heirloom Rajasthani jewels and regal ceremonial ornaments, the catalogue celebrates the enduring appeal of heritage craftsmanship. The auction also features notable ruby, spinel, and other gemstone-set pieces, reflecting the growing appreciation for rarity, artistry, and timeless elegance.”

Leading the jewellery section and commanding the highest estimate of the auction is lot no. 129, An Imperial-Style Deccan Colombian Emerald & Diamond Necklace. Inspired by the opulence of royal Indian jewellery traditions, the necklace reinterprets historic courtly design through a contemporary lens. The necklace evokes the grandeur associated with Deccan and Nizam-era adornment while showcasing exceptional gemstone quality and refined craftsmanship.

Another exceptional highlight of the jewellery section is lot no. 124, A Pair of Remarkable Colombian Emerald & Diamond Ear Pendants. Defined by a striking geometric aesthetic, the ear pendants feature richly hued pear-shaped Colombian emeralds. The composition is further elevated by intricate openwork on the reverse articulated through pear-cut diamonds, underscoring the meticulous craftsmanship behind the piece.

Lot 113 in the jewellery section is a Magnificent Six-Row Verde Sovereign Colombian Emerald & Old Mine-Cut Diamond Necklace. This sculptural collar-style necklace is centred on a vivid Colombian emerald distinguished by its richly saturated green hue and refined step-cut geometry. Inspired by sovereign and courtly jewellery traditions, the necklace reinterprets historic grandeur through a contemporary sensibility anchored in the symbolism and rarity of emeralds.
Hinesh Kotecha, Luxury Timepiece Expert at AstaGuru Auction House, said, “The timepieces featured in this auction represent how innovation, design and cultural significance converge. From limited-edition sports watches to high-jewellery creations, the selection appeals to collectors who value mechanical excellence, individuality and rarity.”
A key highlight of the timepieces section is lot no. 128, Patek Philippe Grand Complication Perpetual Calendar 18k Rose Gold Wristwatch. Distinguished by its elegant cushion-shaped case inspired by Patek Philippe’s iconic designs of the 1920s and 1930s, the timepiece exemplifies the maison’s mastery in combining mechanical complexity with refined aesthetics. The watch integrates a perpetual calendar displaying the day, date, month, leap year and moon phases within an exceptionally slim profile.
Among the leading highlights of this category is lot no. 19, Audemars Piguet Royal Oak Offshore ‘Arnold’s All-Stars’ Limited Edition 18k Rose Gold Wristwatch. Produced as a 350-piece limited edition, the timepiece celebrates Arnold Schwarzenegger’s association with the brand and embodies the industrial aesthetic of the Offshore collection.
The silver section of the auction presents important European silver objects that celebrate the craftsmanship and decorative traditions of renowned silversmiths and workshops. The category highlights the enduring appeal of functional objects elevated by artistry and meticulous workmanship.
Leading the silver section is lot no. 8, An Exceptional Pair of Vermeil Girandoles by Ignaz Sebastian Würth. Dating to 1796, this magnificent pair exemplifies the grandeur of late 18th-century Viennese court silver. Crafted by the renowned Imperial and Royal Court Silversmith Ignaz Sebastian Würth, the pair reflects the sculptural finesse and opulence associated with European royal commissions.
Another important offering within this section is lot no. 109, A Remarkable European Silver Cutlery Set by Wilhelm Seibel, Mettmann. The extensive 157-piece silver-and-gilt service for twelve persons includes an elaborate assortment of dining and serving pieces, bearing the maker’s mark of Wilhelm Seibel alongside 800 silver standard marks.
The ‘Heirloom Jewellery, Silver & Timepieces’ auction will be conducted online at AstaGuru. Bidders are invited to preview the full catalogue and register for participation.
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