Gold imports plunge 70% to 25-30 tonnes as India doubles customs duty to 15%
Monthly gold imports collapsed from 75-100 tonnes to 25-30 tonnes after the May 13 duty hike from 6% to 15%, squeezing sourcing for Tanishq, Kalyan and Malabar. FY26 imports still up 24% in value at $71.98 billion despite a 4.76% volume drop to 721.03 tonnes.
India's gold imports fell 70% to 25-30 tonnes monthly after customs duty doubled to 15% from 6% effective May 13, directly hitting jewellery industry demand and sourcing for Indian jewellers like Tanishq, Kalyan and Malabar.