India’s August gold imports fall 57.75% after customs-duty hike
Gold imports contracted to USD 2.3 billion in August after import duty rose from 6% to 15% effective May 13, signalling higher input-cost pressure for jewellers. Silver imports, meanwhile, rose 127% to USD 1.02 billion.
What happened
Indian Jewellery Industry · India's August gold imports fell 57.75% to USD 2.3 billion after customs duty on precious metals rose from 6% to 15%, potentially
Key facts
- Gold imports fell 57.75% to USD 2.3 billion in August
- Silver imports rose 127% to USD 1.02 billion in August
- Gold import duty increased from 6% to 15% effective May 13
- April-August 2026-27 gold imports rose 3.38% to USD 17.47 billion
- April-August 2026-27 silver imports fell 8.81% to USD 1.74 billion
What changed
India's August gold imports fell 57.75% to USD 2.3 billion after customs duty on precious metals rose from 6% to 15%, potentially affecting jewellery-sector input costs and supply. Silver imports rose 127% to USD 1.02 billion.
Why this matters
The sharp drop in gold imports after the duty hike signals higher sourcing costs and tighter inventory planning for jewellers, increasing pressure to adjust pricing, product mix and working capital.
What to watch
- September-October gold import values and volumes, especially whether the decline persists through festive stocking.
- Domestic gold premium versus international prices, indicating supply tightness or unofficial-import incentives.
- Gold jewellery sales growth, average transaction value and gram weight sold at major organised chains.
- Government commentary on import-duty revision, anti-smuggling enforcement or gold monetisation measures.
- Silver import trends and festive silver category sales.