India Hikes Gold Import Duty to 15% from 6%; MCX Futures Slip, Wedding Demand at Risk
Duty shock lifts landed costs for Tanishq, Kalyan and Malabar just as wedding season nears. MCX gold at Rs 1,61,908/10g, silver Rs 2,97,890/kg. FY26 gold imports already up 24% to $71.98bn despite shipment volumes falling 4.76% to 721 tonnes. PM's appeal to defer purchases adds demand-side drag; ETFs likely to gain share over physical bullion.
What happened
Government of India · India hiked gold and silver import duty to 15% from 6%, with PM urging postponed gold purchases. Jewellery retailers face higher landed
Key facts
- import duty raised to 15% from 6%
- MCX gold Rs 1,61,908 per 10g
- silver Rs 2,97,890 per kg
- FY26 gold imports $71.98 billion, up 24%
- shipments down 4.76% to 721.03 tonnes
Why this matters
Use the demand shock to revisit bolt-on talks with regional family jewellers facing working-capital strain, while scoping ETF distribution tie-ups and bonded-warehouse structures to mitigate future duty volatility.