Articles more than 100 years old are not allowed to be exported from India without an export clearance certificate. If you have doubts about any item and think it could be defined as an antique, check with the Art- chorological Survey of India.
In Colaba, small antique and curio shops line Mere weather Rd behind the Taj Mahal Hotel and spillover into nearby Battery St. Prices aren't exactly cheap but there's some interesting items ranging from bronze figurines to silver cigarette cases, and the quality of the handicraft artifacts on offer is certainly one step up from the government emporiums. Mutton St in Chor Bazaar specializes in antiques, ingenious reproductions and miscellaneous junk.
Natesan's has been specialising in objects d'art, statues and bronzes since 1930. It's probably the highest profile retailer of antiquities in the city and you'll pay accordingly.
Phillips Antiques , opposite the Regal Cinema, specializes in antiques, silverware, crystal, porcelain and Victorian bric-a-brac. It's a lovely, fusty store, established in 1860, and almost an antique itself.