Gold duty hike to 15% sparks buying rush at Malabar, Tanishq; jewellers brace for lighter-piece shift

India's import duty jump to 15% pushed 10g 24K gold to ₹1.62L, triggering a rush across jewellery counters, ETFs and digital gold. Jewellers expect a pivot to lighter pieces, softer diamond discretionary spend, and a surge in old-gold exchanges against a 700-800 tonne/yr consumption base.

— Source publishedMon, 25 May, 2026, 13:01 IST·First seen Mon, 25 May, 2026, 13:10 IST·Source Mint · Money

What happened

Malabar Group · India's gold import duty hike to 15% (from May 13, 2026) triggered a buying rush across jewellery, ETFs and digital gold. Jewellers expect shift

Key facts

  • import duty raised to 15%
  • basic customs duty 10% (from 5%)
  • cess 5% (from 1%)
  • 10g 24K gold ₹1,62,120 (up from ₹1,47,160)
  • India consumes 700-800 tonnes/yr
  • 90% imported
  • $72bn FY26 import bill
  • LTCG 12.5%

Why this matters

Duty-driven margin pressure on smaller jewellers opens a window to acquire regional chains or digital-gold platforms hedging the lighter-piece pivot.