India hikes gold import duty to 15% from 6%, jolting jewellery demand and lifting gold-loan collateral
Effective duty (BCD 10% + AIDC 5%) targets a Q1 FY26 surge of 58% YoY in gold imports to 186 tonnes as rupee slid to 95.64/USD and Brent hit $107. Titan, Kalyan and Sky Gold face near-term demand risk with domestic prices up 81% YoY to Rs1.51 lakh/10g; Muthoot and Manappuram gain on richer collateral.
What happened
Titan Company · India raised effective gold/silver import duty to 15% from 6% to curb imports amid rupee weakness and oil shock. Jewellers Titan, Kalyan, Sky
Key facts
- import duty 15% from 6%
- BCD 10% + AIDC 5%
- gold imports +58% YoY Q1 2026 to 186 tonnes
- domestic gold +81% YoY to Rs1.51 lakh/10g
- rupee 95.64/USD
- Brent $107/bbl
Why this matters
Use the demand shock as a window to scout distressed regional jewellery chains and gold-loan NBFC tuck-ins, while accelerating bullion sourcing JVs in GIFT City to hedge future duty volatility.