India caps duty-free gold imports at 100kg per licence; 50% export obligation tightens jewellery sourcing
DGFT restricts advance authorisation gold imports to 100kg per licence with mandatory 50% export fulfilment before reissue, a day after hiking gold/silver duty to 15%. Move follows FY26 gold imports hitting $71.98bn (721 tonnes, +24% YoY) and squeezes working capital for Tanishq, Kalyan, Malabar and exporters.
What happened
India caps duty-free gold imports at 100kg per licence under advance authorisation scheme, mandates 50% export fulfilment before reissue, and tightens DGFT
Key facts
- 100 kg per licence cap
- 50% export obligation
- 15% import duty
- $71.98 billion FY26 imports
- 721 tonnes
- 24% YoY
Why this matters
Window opens to acquire stressed mid-tier jewellery exporters squeezed by export-obligation cash locks, while strategic tie-ups with bullion banks or DGFT-favoured EOUs become a defensible sourcing moat worth scoping in the next 90 days.