Centre Doubles Gold, Silver Import Duty To 10%; Jewellery Retailers Brace For Margin Hit
Effective May 13, the government raised import duty on gold, silver and platinum to 10% from 5%, following PM Modi's call to defer wedding gold purchases by a year. FY26 gold imports hit a record $71.98 billion, up 24% YoY. Tanishq, Kalyan and Malabar face pricing pressure into wedding season.
Centre doubled gold, silver, platinum import duty to 10% from May 13, after PM Modi urged citizens to defer wedding gold purchases for a year. Hike pressures jewellery retailers as FY26 gold imports hit a record $71.98 billion.