Gold Imports Down 22 pc To 24 tonnes, Silver 94 pc To 31 tonnes In May
However, import volumes of both metals declined in May, according to the estimates of Metals Focus. In May, the country imported 23.9 tonnes of gold against 30.6 tonnes in the same month last year – registering a decline of 21.89 per cent
Chennai: While gold imports grew in May and silver imports dropped in value-terms, import volumes of both metals dropped in May with silver imports declining 94 per cent. India imported 24 tonnes of gold and 31 tonnes of silver in May due to the restrictions on imports.
As per the data of the Commerce Ministry, gold import value in May was up by 34 per cent to $3.416 billion against $2.549 billion in the same month last year. Silver import value declined 86.65 per cent in May to $75 million against $566 million in the same month last year.
However, import volumes of both metals declined in May, according to the estimates of Metals Focus. In May, the country imported 23.9 tonnes of gold against 30.6 tonnes in the same month last year – registering a decline of 21.89 per cent.
Compared to April 2026, May volumes were down by 47.58 per cent. In April, gold imports stood at 45.6 tonnes.
In the case of silver, import volumes stood at 31 tonnes in May against 534 tonnes in the same month last year – a decline of 94 per cent. In April 2026, the country had imported 182 tonnes of silver and on a month-on-month basis, the imports were down 82.9 per cent.
“Gold imports grew in value because the gold price was substantially higher in May compared to last year. In the case of silver, the import volumes were just a small fraction of what was imported last year. Hence the value too dropped 86 per cent,” said Chirag Sheth, founder, Metals Focus.
“The trade had imported silver in huge quantities in the past one-and-half years. As the prices dipped, the demand was lower and the restrictions further reduced imports,” he said.
In the second week of May, the government had imposed restrictions on imports of precious metals and also raised duties on gold and silver to 15% from 6% as part of efforts to curb precious metals imports and reduce pressure on foreign exchange reserves. Gold and silver imports rose 26.7% year-on-year to $102.5 billion in FY26.
After the restrictions were brought in, the imports have come down to almost nil. Even under the Advance Authorisation Scheme for exports, the government has been allowing only around one-fifth of the requirement, said industry sources. IGST-related issues on gold imports for exports are still continuing.