India hikes gold import duty 9pp to 15%; jewellery demand seen denting 5-10%
Government reverts gold import duty to pre-July 2024 levels of 15% (18% effective with GST) to curb forex outflows after FY26 imports hit $71.98bn. IBJA flags 5-10% demand hit, pressuring Tanishq, Kalyan and Malabar at the till even as paper gold proxies like GoldBees and ICICI Pru Gold ETF rally 5.7-5.9%.
India hiked gold import duty 9pp to 15% (18% effective with GST), reverting to pre-July 2024 levels to curb forex outflows. IBJA estimates 5-10% demand dent, materially impacting jewelry retailers like Tanishq, Kalyan, and Malabar.