India's silver imports fell 87% in May compared to the same month last year. The total value dropped to $75.57 million, marking the lowest level in over three years.
The Indian government placed nearly all forms of silver under a restricted import category in mid-May. These measures require prior authorization for imports to curb non-essential shipments. Authorities tightened restrictions further in early June to include silver grain and powder.
The government also raised the import duty on silver from 6% to 15%. Reduced demand from the world's largest silver consumer is expected to weigh on global prices.