India Triples Bullion Import Duty To 15% After Gold, Silver Inflows Surge 82%, 157% In April
Effective May 13, the duty jump from 6% to 15% lands on jewelry retailers Tanishq, Kalyan and Malabar as gold trades near Rs 1.56 lakh/10g and silver at Rs 2.53 lakh/kg. April imports hit USD 5.62B gold and USD 411M silver; FY26 silver inflows already up 150% to USD 12B, widening the USD 28.38B trade deficit.
What happened
India Gold & Silver Trade · India hiked gold and silver import duty from 6% to 15% effective May 13 after April imports surged 82% and 157% respectively. Move
Key facts
- gold imports USD 5.62B April +81.69% YoY
- silver imports USD 411M +157.16%
- duty raised 6% to 15% effective May 13
- gold Rs 1,56,000/10g
- silver Rs 2.53 lakh/kg
- FY26 gold imports USD 71.98B +24%
- FY26 silver imports USD 12B +150%
- trade deficit USD 28.38B
Why this matters
The duty shock creates an opening to acquire stressed regional jewelers and lock in domestic refining or recycling partnerships that hedge against further import-cost volatility.