India hikes gold import duty to 15%, jewellery demand crashes 70% post-May 13
Effective duty on gold and silver raised to ~15% from May 13, 2026, with BCD doubled from 5% to 10%. Jewellers report demand collapsing to 7.5 tonnes from 25 tonnes. Move targets $84B FY26 bullion imports (10.8% of merchandise), after gold imports surged 81.7% YoY and silver 157.2% YoY in April.
India hiked effective import duty on gold and silver to ~15% from May 13, 2026, aiming to curb non-essential imports. Industry reports a 70% drop in jewellery demand post-hike, materially impacting jewellers and the unorganised gold trade.