India hikes gold, silver import duty to 15%; jewellery retailers face margin, demand squeeze

Centre raised gold and silver import tariffs from 6% to 15% (platinum 15.4%) effective May 13, 2026, to defend forex reserves amid West Asia tensions. Tanishq, Kalyan, Malabar and Titan face higher input costs and softer wedding-season demand after PM's appeal to defer gold purchases.

— FiledWed, 13 May, 2026, 07:32 IST·First seen Wed, 13 May, 2026, 07:40 IST·Source The Hindu BusinessLine

What happened

Government of India · India hiked gold and silver import duties from 6% to 15%, and platinum to 15.4%, effective May 13, 2026, to conserve forex amid West Asia

Key facts

  • 15%
  • 6%
  • 15.4%
  • 6.4%
  • 10% BCD
  • 5% AIDC

Why this matters

Window opens for opportunistic rollups of unorganized regional jewellers facing working capital strain from the duty shock, with valuations likely to compress 15-20% over the next two quarters.