Gold duty hike to 15% sparks buying rush at Malabar, Tanishq; jewellers brace for lighter-piece shift
India's import duty jump to 15% pushed 10g 24K gold to ₹1.62L, triggering a rush across jewellery counters, ETFs and digital gold. Jewellers expect a pivot to lighter pieces, softer diamond discretionary spend, and a surge in old-gold exchanges against a 700-800 tonne/yr consumption base.
India's gold import duty hike to 15% (from May 13, 2026) triggered a buying rush across jewellery, ETFs and digital gold. Jewellers expect shift to lighter pieces, slowdown in discretionary diamond purchases, and rising old-gold exchanges.
Why this matters
Follows PM Modi's gold curb appeal where jewellers flagged a buying mix reshape rather than demand drop; the 15% duty now operationalises that shift at Malabar and Tanishq counters.
Retail-brand activity steady at 569 signals over the last 90 days.