Budget 2026: Silver Import Duty Hike Expected Amid Soaring Demand, MCX Premium

• Silver imports surged by 79.7% in December and 129% from April-December, raising concerns over India's import bill.
• Market anticipates Finance Minister Nirmala Sitharaman may increase silver import duty in the upcoming budget to curb imports.
• Silver is currently trading at a heavy premium on MCX, with futures reaching over Rs 40,000 per kg above spot prices.
• The All India Jewellers and Goldsmith Foundation fears a duty hike up to 15% and has sought an investigation into alleged price manipulation.
• Jewelers face working capital pressure due to high premiums and have urged SEBI to investigate unusual price fluctuations.

Why It Matters: Anticipation of a silver import duty hike in Budget 2026 is driving high premiums and market speculation.