India's silver imports fell sharply in May after the government tightened restrictions on inbound shipments, with volumes hitting lowest level in over three years, Reuters reported Monday, citing Ministry of Commerce and Industry data.

Silver imports plummeted 87% to $75.57 million from $566.22 million a year earlier, while volumes plunged 94% year on year to 33 metric tons, government data reportedly showed.

India introduced curbs in mid-May covering nearly all forms of silver and later expanded restrictions to include silver grain and powder, requiring prior authorization for shipments, Reuters noted.

The government has also reportedly increased import duties on silver and gold to 15% from 6% to reduce precious metals inflows and ease pressure on foreign exchange reserves.

The country spent a record $12 billion on silver imports in fiscal 2025-26, compared with $4.8 billion last year.

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