WGC: India gold demand to drop 50-60 tonnes in 2026 after import duty hike to 15%
World Gold Council forecasts a ~10% YoY contraction in India's gold demand in 2026 as the import duty jump from 6% to 15% squeezes jewellery and investment buying. WGC warns the move could revive smuggling, citing post-2013 unofficial imports surging from 10 to 70 tonnes.
What happened
World Gold Council · WGC forecasts India's gold demand will contract 50-60 tonnes (~10%) in 2026 after import duty was hiked from 6% to 15%, hitting jewellery
Key facts
- 50-60 tonnes decline
- 10% YoY drop
- import duty hiked from 6% to 15%
- unofficial imports rose from 10 to 70 tonnes post-2013 hike
Why this matters
Distressed independent jewellers and regional chains become acquisition targets as the duty shock accelerates consolidation—scout for tuck-ins while valuations reset on the demand contraction narrative.