Page 22 - Bullion World Volume 4 Issue 2 February 2024

Bullion World | Volume 4 | Issue 2 | February 2024

Scenario of the import of Silver Bar

and value-added Products in India

Mr Premnath, Director – FinMet India Pvt Ltd

India’s average annual import of silver in the form of
refined silver bars, grains etc. is estimated at about
5000 Tonnes out of which average annual import of
silver grains is about 250 Tonnes during last three
financial years. India’s annual domestic production of
silver refined by HZL and Hindalco put together is about
800 Tonnes. It is observed that import of silver grains
has gone up substantially to about 568 Tonnes out of
total silver import of about 3151 Tonnes during April to
November 2023. Most of the import of silver was done
by the Nominated Agencies authorized by RBI or DGFT.
It is observed that import of silver grain has been going
up in the current financial year due to rise in import
under CEPA with UAE for domestic consumption at lower
custom duty apart from the normal imports made by the
exporters of Silver jewellery at zero duty against Advance
Authorization or by the SEZ Units. Most of the import of
silver is done by the Nominated Agencies authorized by
RBI or DGFT apart from the imports by industrial users &
G& J sector against Advance Authorization as also direct
import by the SEZ Units.
Mr Premnath

India’s import of silver under different HS Codes is as follows:

HS Code Description FY 2020-21 FY 2021-22 FY 2022-23 April 2023 to Nov. 2023

71061000 Silver Powder 10.17 26.40 38.72 35.04

71069110 Silver Grains 276.48 290.74 184.81 567.67

Other Unwrought
71069190 3.36 12.89 5.61 32.28
Silver
Semi manufactured
Sheets, Strips, Plates,
71069210 7.32 4.57 4.34 2.54
Tubes & Pipes of
Silver
Semi manufactured
71069220 1115.90 2621.47 4076.97 2424.42
Silver Bars
All other forms of
71069290 Semi manufactured 72.77 1465.22 3846.35 89.24
Silver
1486.00 4371.29 8156.80 3151.19
TOTAL

(Source : DGCI&S, Kolkata, Ministry of Commerce, Government of India)

22