CBIC lifts gold, silver tariff values; jewellery retail braces for fresh price hikes
India raised import tariff values on gold by 3.6% to $1,508/10g and silver by 7.9% to $2,810/kg, effective May 16. Stacked atop the 15% customs duty (up from 6%), the move pressures jewellery retailers like Tanishq, Titan and Kalyan Jewellers to pass costs to consumers ahead of wedding season.
What happened
CBIC raised import tariff values on gold (+3.6%) and silver (+7.9%), plus minor hikes on palm and soybean oil, effective May 16. Follows customs duty hike to
Key facts
- $1,508 per 10g gold
- +3.6%
- $2,810 per kg silver
- +7.9%
- customs duty 15% from 6%
- $50 billion annual gold imports
- 10 million tonnes edible oil
Why this matters
Tariff-driven cost shock favors scaled players with hedging muscle—expect smaller regional jewellers to become acquisition targets at distressed multiples.