India's 15% bullion duty crashes gold demand to 7.5 tonnes in a fortnight, from 25 tonnes YoY
Effective 13 May 2026, India lifted bullion import duty to ~15% (BCD 5%→10% plus AIDC). IBJA data shows gold offtake collapsed to 7.5 tonnes in the fortnight to 27 May versus 25 tonnes a year earlier. The move follows FY26 gold-silver imports hitting $84bn (10.8% of merchandise imports) and an $28.4bn trade deficit, squeezing jewellers heading into the wedding tail.
India hiked effective import duty on gold and silver to ~15% from 13 May 2026, raising basic customs duty and AIDC. IBJA data shows gold demand collapsed to 7.5 tonnes in the fortnight to 27 May versus 25 tonnes a year earlier, pressuring jewellers.