On May 18, 2026, silver exchange-traded funds (ETFs) saw increases of up to 2% following the government’s recent amendments to silver bar import regulations. This shift has heightened concerns regarding domestic supply and has contributed to expectations of rising silver prices.
In early trading, the Tata Silver Exchange Traded Fund surged by 1.86%, reaching Rs 25.73, while the Groww Silver ETF experienced a higher jump of 2%, reaching Rs 25.98. Other funds also reported gains, with Nippon India Silver ETF rising 1.48% to Rs 253.54 and Zerodha Silver ETF gaining 1.16% to Rs 26.92.
Details of the Revised Import Regulations
The Directorate General of Foreign Trade (DGFT) modified the import status of specific categories of silver bars from “Free” to “Restricted” as of the weekend prior. This strategic decision is expected to influence domestic supply constraints amid existing pressures on the Indian rupee and uncertainties stemming from geopolitical tensions in West Asia.
The changes delineate that imports of silver bars containing 99.9% or more silver by weight and certain other categories will now be subject to compliance with Policy Condition No. 7 of Chapter 71 of the ITC (HS) 2022 import policy schedule. Previously, these imports were allowed freely within the frameworks set by the Reserve Bank of India (RBI).
Broader Market Implications
This regulatory action coincides with a period of volatility in the prices of both gold and silver, attributed to ongoing geopolitical tensions. Rising crude oil prices have further aggravated concerns regarding India’s import bill and foreign exchange outflows, leading to increased scrutiny of commodities such as silver.
Consequently, additional silver ETFs mirrored positive performance, with HDFC Silver ETF climbing 1.72% to Rs 253.20, and both Kotak and ICICI Prudential Silver ETFs reporting gains of 1.50% (to Rs 25.74) and 1.61% (to Rs 264.60), respectively. SBI Silver ETF also rose by 1.79%, achieving a value of Rs 259.43, while Axis Silver ETF grew by 1.39% to Rs 263.19. Angel One Silver ETF increased by 0.69%, reaching Rs 10.21.
Conclusion
With the new import regulations in place, traders and investors alike are keeping a watchful eye on the performance of silver assets as they navigate the implications of both domestic and international market conditions. As developments continue, the upward trajectory of silver ETFs may correlate closely with ongoing adjustments in the regulatory landscape and broader economic factors.
