India gold demand crashes 70% after duty hike to 15%
Fortnightly gold offtake collapsed to 7.5 tonnes from 25 tonnes after import duty jumped from 6% to 15%, lifting effective tax to 18.45%. Joyalukkas reports 35% sales drop; bar/coin demand bucks trend at +34% to 62.3 tonnes as prices hit ₹1.57 lakh/10g. Smaller jewellers hit hardest.
Gold demand in India slumped 70% to 7.5 tonnes in the fortnight after duty hike from 6% to 15%. Joyalukkas reports 35% drop; smaller jewellers hit hardest, while chains lean on bridal demand and inventory buffers.
Why this matters
IBJA's data shows a sharp demand collapse in jewellery offtake while investment-grade bar and coin demand rises 34%, signaling a structural shift toward gold as a hedge rather than ornamental purchase amid record ₹1.57 lakh/10g prices.
Retail-brand theme steady with 738 signals in 90d, indicating sustained consumer-facing activity.