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.
India raised gold and silver import duty from 6% to 15% (10% basic customs + 5% agri-infra cess) to curb imports and CAD pressure. Jewellers warn demand will weaken and grey-market smuggling may resurge at elevated bullion prices.