India hikes gold, silver import tariffs to 15%, reversing 2024 cut to curb bullion inflows
Effective 13 May 2026, New Delhi raised total import duty on gold and silver to 15% from 6%, with BCD lifted to 10% plus 5% AIDC. Move targets $58.9bn gold and $9.2bn silver imports in 2025 as rupee pressure mounts. Jewellers face margin squeeze; findings dutied at 5-5.4%.
India hiked effective gold and silver import tariffs to 15% from 6%, reversing the July 2024 cut, to curb bullion imports, narrow trade deficit and support the rupee. New findings and recyclable precious metal duties were also notified.
Why this matters
Reverses the 2024 duty cut to 6% that had spurred a surge in gold and silver inflows. Analysts estimate the hike could cut gold demand by 60 tonnes and save $2.5bn in imports, while the UAE CEPA route tightens to 14%.
Retail-company signals steady at 105 over the last 90 days.