Home / Business and Economy / India Raises Gold Duty to 10%: Imports Hit Record High
India Raises Gold Duty to 10%: Imports Hit Record High
13 May
Summary
- Gold, silver, and platinum imports now face a 10% duty.
- India's gold imports reached a record $71.98 billion in FY26.
- Jewellery stocks declined 10% to 15% after the duty announcement.
The Indian government has implemented a substantial increase in customs duty on gold, silver, and other precious metals, raising the rate to 10% from the previous 6%. This revised duty structure, effective from midnight, applies to a broad range of imports, including raw precious metals, jewellery findings like clasps and pins, and industrial precious metal products. The amendment also affects the duty on spent catalysts containing precious metals intended for recycling, now also set at 10% under specific conditions. These changes come after India's gold imports surged to a record $71.98 billion in financial year 2026. In reaction to the news, leading Indian jewellery companies such as Titan, Kalyan Jewellers, and Senco Gold saw their stocks plummet by 10% to 15%, resulting in a cumulative market capitalization loss of up to ₹50,000 crore.
