Centre Doubles Gold, Silver Import Duty To 10%; Jewellery Retailers Brace For Margin Hit

Effective May 13, the government raised import duty on gold, silver and platinum to 10% from 5%, following PM Modi's call to defer wedding gold purchases by a year. FY26 gold imports hit a record $71.98 billion, up 24% YoY. Tanishq, Kalyan and Malabar face pricing pressure into wedding season.

— FiledWed, 13 May, 2026, 02:54 IST·First seen Wed, 13 May, 2026, 07:40 IST·Source NDTV Profit

What happened

Government of India · Centre doubled gold, silver, platinum import duty to 10% from May 13, after PM Modi urged citizens to defer wedding gold purchases for a

Key facts

  • 10% duty
  • 5% prior duty
  • $71.98 billion FY26 gold imports
  • 24% YoY rise
  • 9% of total imports
  • Switzerland 40% share
  • UAE 16%
  • South Africa 10%

Why this matters

Distressed unorganised jewellers facing working-capital squeeze open a tactical window for organised chains to consolidate regional footprints at attractive multiples.