India hikes gold, silver import tariffs to 15%, reversing 2024 cut to curb bullion inflows
Effective 13 May 2026, New Delhi raised total import duty on gold and silver to 15% from 6%, with BCD lifted to 10% plus 5% AIDC. Move targets $58.9bn gold and $9.2bn silver imports in 2025 as rupee pressure mounts. Jewellers face margin squeeze; findings dutied at 5-5.4%.
What happened
Government of India · India hiked effective gold and silver import tariffs to 15% from 6%, reversing the July 2024 cut, to curb bullion imports, narrow trade
Key facts
- 15% total import tariff
- BCD raised to 10% from 5%
- 5% AIDC
- gold/silver findings 5% duty
- platinum findings 5.4%
- spent catalysts 4.35%
- 2025 gold imports $58.9bn (+1.6% YoY)
- 2025 silver imports $9.2bn (+44%)
- Jan 2026 gold imports ~$12bn
- effective 13 May 2026
Why this matters
The duty reversal creates an opening to acquire stressed mid-tier jewellers and lock in long-term bullion supply contracts before consolidation prices in.