India Hikes Gold, Silver Import Duty to 15%; Modi Urges Citizens to Defer Purchases
Centre raises gold and silver import duty from 6% to 15% and platinum from 6.4% to 15.4%, citing forex and CAD pressures. PM Modi's call to postpone gold buying threatens festive demand for Tanishq, Kalyan, Malabar and Titan, with margin and footfall hits likely near-term.
India has sharply raised import duties on gold and silver from 6% to 15%, and platinum from 6.4% to 15.4%, citing forex pressure and CAD risks. Modi urged citizens to defer gold purchases, directly impacting jewellery retailers.
Why this matters
Follows earlier duty hikes that doubled gold and silver tariffs to 10%, with jewellery retailers already bracing for margin hits. New 15% rate intensifies pressure on Tanishq, Kalyan, and Malabar ahead of festive season.
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