More than 90% of the silver imported into India is restricted.

As one of the world's major silver consuming countries, the Indian government last week decided to impose restrictions on silver imports to ease foreign exchange reserve pressure. According to a report by Reuters on May 21, this move has had a serious impact on industries such as jewelry and photovoltaics. As one of the world's major silver consuming countries, industry insiders pointed out that import restrictions will inevitably reduce the amount of silver entering the country, tighten the domestic market supply in India, and may push up local silver premiums. In addition, analysts have pointed out that for the photovoltaic industry, silver is an important raw material for the production of photovoltaic components. Once domestic supply tightens and prices rise, Indian domestic photovoltaic manufacturers may face direct cost pressures. According to the Indian government's import restrictions, silver bars with a purity of 99.9% and all other semi-finished forms of silver have been placed in the restricted import category, accounting for more than 90% of India's total silver imports in the past fiscal year.