Bullion crash plus 15% import duty squeeze hit Indian jewellers
Gold fell 1.78% to Rs 1,59,098/10g and silver tumbled ~6% to Rs 2,73,601/kg on May 15 as US inflation, rising yields and a firmer dollar pressured bullion. India simultaneously hiked gold-silver import duty to ~15% from 6% (total tax 18.45%) and capped duty-free jewellery-export gold at 100 kg, pressuring Tanishq and peers.
What happened
MCX · Gold and silver prices fell sharply on May 15 as US inflation, rising yields and a stronger dollar pressured bullion. India also raised gold-silver import
Key facts
- Gold Rs 1,59,098/10g down 1.78%
- Silver Rs 2,73,601/kg down ~6%
- 22-carat Rs 14,950/gram
- Gold import duty 15% from 6%
- Total tax 18.45% from 9.18%
- FY26 gold imports USD 71.98 bn
- Volumes 721.03 tonnes -4.76%
Why this matters
Scout distressed mid-tier jewellers and bullion suppliers struggling with the duty shock and 100 kg export cap, as consolidation windows open at depressed valuations.