India hikes gold, silver import duty from 6% to 15%; jewellers brace for demand hit
Government raises bullion import duty to 15% (10% basic customs + 5% agri-infra cess) to curb imports and ease CAD. Jewellers warn of weaker demand at elevated prices and resurgent grey-market smuggling. Move follows 186% YoY surge in gold ETF inflows and 20MT Q1 demand.
What happened
Government of India · India raised gold and silver import duty from 6% to 15% (10% basic customs + 5% agri-infra cess) to curb imports and CAD pressure.
Key facts
- 6% to 15% import duty
- 10% basic customs duty
- 5% agriculture infrastructure cess
- 3% IGST
- 186% YoY gold ETF inflow
- 20 metric tons Q1
Why this matters
Distressed valuations among smaller regional jewellers and bullion importers create a window for consolidation, while hedging and supply-chain partnerships with refiners become strategic priorities to manage duty-driven cost volatility.