India gold imports fall 57.8% in August after customs duty hike
Gold imports contracted to USD 2.3 billion in August after import duty on precious metals rose from 6% to 15% in May, tightening a key jewellery-sector raw-material channel. Silver imports, meanwhile, rose 127% to USD 1.02 billion.
What happened
India gold jewellery industry · India's gold imports fell 57.75% to USD 2.3 billion in August after customs duty on precious metals rose from 6% to 15%. The
Key facts
- Gold imports fell 57.75% to USD 2.3 billion in August
- Silver imports rose 127% to USD 1.02 billion in August
- Import duty on precious metals increased from 6% to 15% effective May 13
- April-August 2026-27 gold imports rose 3.38% to USD 17.47 billion
- April-August 2026-27 silver imports fell 8.81% to USD 1.74 billion
What changed
India's gold imports fell 57.75% to USD 2.3 billion in August after customs duty on precious metals rose from 6% to 15%. The drop may affect jewellery-sector raw-material supply and pricing, while silver imports increased sharply.
Why this matters
Jewellery retailers should tighten gold inventory planning, diversify sourcing and protect margins as the duty-driven import squeeze raises raw-material availability and cost risks.
What to watch
- India's landed gold-price premium versus global prices and the rupee-dollar exchange rate.
- Festival and wedding-season jewellery sales volumes, average ticket size, exchange transactions and gold-savings-plan redemptions.
- Import data for September through December, particularly whether gold imports remain depressed after inventory restocking needs emerge.
- Domestic recycled-gold supply, refinery premiums and retailer inventory days.
- Government commentary on customs-duty changes, export-sector relief or anti-smuggling enforcement.