Jewellers push for tax cuts to unlock India's 32,000-tonne household gold recycling pool
Industry experts urge lower import duty, GST and capital gains tax on gold to make recycling viable, curb imports and counter Dubai which now supplies 60% of India's handmade jewellery. Gold prices surged 70% in 2025, peaking at Rs 1.75 lakh per 10g. NSE's Electronic Gold Receipts flagged as a formalisation lever.
What happened
Mehrasons Jewellers · Jewellery industry experts urge cutting gold import duty, GST and capital gains tax to boost recycling of India's 32,000-tonne household
Key facts
- 32,000 tonnes household gold
- Rs 1,75,000 per 10g peak
- Rs 1,50,000-1,60,000 current
- 3% GST buy
- 3% GST sell
- 60% Dubai handmade jewellery Indian
- 70% price surge 2025
- 5% portfolio allocation
Why this matters
Fragmented refiners and recycling-capable retailers become attractive bolt-ons as formalisation via Electronic Gold Receipts and potential tax reform reshape India's gold value chain against Dubai arbitrage.