India's 15% gold duty returns May 2026, reigniting tariff efficacy debate
Restored 15% customs duty on gold and silver revives scrutiny: FY24 imports surged 30.1% to $45.5bn under the same regime. Jewellery exporters face margin squeeze, while UAE CEPA arbitrage and smuggling channels stand to widen.
What happened
Government of India · India restored 15% customs duty on gold and silver in May 2026, reviving debate on tariff efficacy. FY24 imports rose 30.1% to $45.5bn
Key facts
- 15% customs duty
- $45.5 billion FY24 gold imports
- 30.1% YoY rise
Why this matters
FY24's $45.5bn import surge under identical duty signals weak deterrence—evaluate UAE/GIFT City JV structures and bullion trading licenses as strategic hedges before the May 2026 reset.