India's silver imports crashed 81.6% in May, marking an abrupt reversal after a record-breaking year, as higher import duties and licensing restrictions imposed by the government sharply curtailed inbound shipments, according to a report by the Global Trade Research Initiative (GTRI).
Silver imports fell to US$76 million in May from US$411 million in April, weeks after the government raised the import duty on silver from 6% to 15% and moved the metal to the "restricted" category, requiring import licences.
