India gold imports crash 70% to 25-30 tonnes after duty hike to 15%
Gold imports collapsed to 25-30 tonnes following India's doubling of customs duty on gold and silver from 6% to 15%, hitting sourcing economics for jewellery retailers including Tanishq, Titan, and Kalyan. FY26 imports stand at 721.03 tonnes; May value fell to $3.41B.
Gold imports fell ~70% to 25-30 tonnes after India doubled customs duty on gold and silver to 15% from 6%, materially impacting jewellery industry demand and sourcing for retailers like Tanishq, Titan, and Kalyan Jewellers.
Why this matters
Reverses April's 82% import surge that followed Modi's call for a year-long buying pause, signaling duty-driven supply shock for jewellery retailers like Tanishq, Titan, and Kalyan.
Retail-company theme steady at 3,136 signals over the last 90 days.