Gold import bill jumps 47% to $11bn in Q1 FY27 despite duty hike to 15%
Price corrections offset a steep duty increase as gold volumes held flat near 90 tonnes and Mumbai prices eased to Rs 1,41,000/10g from Rs 1,51,000. Silver imports collapsed 72% to 258 tonnes on new licensing curbs, hitting jewellery retail demand hardest.
India's gold import bill rose 47% to $11bn in Q1 FY27 despite a duty hike to 15%, as price corrections offset the impact. Volumes stayed flat at 90 tonnes. Silver imports plunged 72% on new licensing restrictions, materially affecting jewellery retail demand.
Why this matters
The 47% gold import bill surge despite a 15% duty hike signals price-driven value inflation over volume growth, while a 72% silver import collapse from licensing curbs pressures jewellery retailers most.
Retail-company signals accelerating at +808000% QoQ, underscoring rapid shifts in bullion and jewellery demand.