India restricts plain silver jewellery imports until March 2026 to curb surge from Thailand and protect local producers.

India has restricted imports of plain silver jewellery and certain precious metal items until March 31, 2026, requiring importers to obtain government licenses. The move, effective September 24, 2025, targets a surge in imports from Thailand and other ASEAN nations, particularly under preferential trade agreements, with volumes rising sharply—up 270% from April to June 2025 compared to the same period in 2024. Most imports came from Thailand, where shipments jumped over 300%, prompting concerns over duty evasion and market distortion. The restriction aims to protect domestic producers and ensure fair trade practices, with the policy applying only to specific types of silver jewellery and not other silver or non-plain items.