India’s silver imports drop sharply in May, falling by 87% year-on-year to $75.57 million, according to multiple reports. The decline follows new or expanded government restrictions on silver shipments and higher duties, which together reduce inbound trade of the precious metal. In volume terms, imports contract even more, dropping 94% to about 33 metric tonnes, marking the lowest level in more than three years. The measures are aimed at curbing silver purchases and reducing pressure on the rupee. While the sources emphasize different aspects of the policy response—one highlighting higher import duties and curbs on inflows, the other focusing on tightened shipment restrictions and expanded import controls—both describe a major contraction in both the value and quantity of imports during the month. The reporting frames the move as part of broader efforts to manage demand for precious metals and support currency stability.