Gold imports crash to 25-30 tonnes/month from 70-100 tonnes after duty hike to 15%
India's gold imports have plunged roughly 60-70% after the government raised import duty from 6% to 15%, compounded by record prices, soft jewellery demand and rising global recycling. Imports fell to USD 3.42 bn in May 2026 from USD 5.63 bn in April, squeezing organised jewellery retailers' supply chains.
India's gold imports have dropped to 25-30 tonnes/month from 70-100 tonnes after the import duty hike from 6% to 15%, aided by high prices, weak jewellery demand and rising global recycling, impacting jewellery retailers.