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.
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 15%, set to lift jewellery retail prices and edible oil costs.
Why this matters
CBIC's tariff revision compounds the earlier customs duty hike from 6% to 15%, squeezing jewellery retailers' margins as wedding season demand builds and gold prices already trend higher.
Retail-brand signals steady at 271 over the last 90 days, indicating consistent sector activity.