India lifts gold, silver import duty to 15%; Mumbai 24K hits ₹1.63 lakh, silver tops ₹3 lakh/kg
Effective May 13, 2026, the Centre raised gold and silver import duty from 6% to 15% (platinum 6.4% to 15.4%) to curb non-essential imports and ease forex pressure. MCX gold jumped 6%, silver crossed ₹3 lakh/kg. Mumbai 24K is ₹1,63,000/10g, 22K ₹1,49,417; Delhi 24K ₹1,62,270, Chennai ₹1,63,250 — squeezing jewellery retail demand into wedding season.
What happened
Government of India · India hiked gold and silver import duties to 15% from 6% (platinum to 15.4%) effective May 13, 2026, to curb non-essential imports and
Key facts
- gold/silver duty raised from 6% to 15%
- platinum duty raised from 6.4% to 15.4%
- effective May 13
- Mumbai 24K gold ₹1,63,000/10g
- Mumbai 22K ₹1,49,417/10g
- Mumbai silver ₹2,96,690/kg
- Delhi 24K ₹1,62,270
- Chennai 24K ₹1,63,250
- MCX gold +6%
- silver hit ₹3 lakh
Why this matters
Duty shock accelerates consolidation opportunity — distressed regional jewellers and smuggling-exposed wholesalers become acquisition targets, while recycling and gold-loan adjacencies warrant urgent partnership scoping.