Customs duty hike sends gold to ₹1.62L/10g in Delhi; jewellery retailers brace for demand hit
Centre's duty hike on precious metals on May 13, 2026 pushed 24K gold up ₹9,338 to ₹16,285.8/gram and silver to ₹2.97L/kg. MCX Aug 2026 gold hit ₹1,66,620/10g. With PM Modi already urging restraint on gold buying, Tanishq, Kalyan and Malabar face margin and footfall pressure heading into wedding season.
Centre's customs duty hike on precious metals triggered sharp gold and silver price surges on May 13, 2026, with 24K gold up ₹9,338/gram. Move follows PM Modi's appeal against gold buying, directly impacting jewellery retailers like Tanishq, Kalyan, Malabar.
Why this matters
Duty-led price shock lands as listed jewellers Tanishq, Kalyan and Malabar were already navigating record bullion levels. Wedding-season demand, typically a Q3 tailwind, now risks deferral and ticket downsizing.
Retail-brand activity steady at 177 signals in 90 days, with bullion-linked jewellery stress now dominant.