India's 15% Gold Duty Returns, Reigniting Smuggling Fears Across Jewellery Trade
New Delhi has reversed the July 2024 cut to 6%, restoring the 15% gold import duty to defend the current account. Jewellers warn the higher levy will revive Dubai-routed smuggling, with wedding and festival demand too price-inelastic to deter grey-market flows.
What happened
Government of India · India's reinstated 15% gold import duty, reversing the July 2024 cut to 6%, reignites debate on tariff efficacy. Jewellers warn higher
Key facts
- 15%
- 6%
- July 2024
Why this matters
Watch for distressed unorganized-trade consolidation opportunities and partnership openings with bullion banks as compliant sourcing becomes a sharper competitive moat under the restored 15% regime.