India's 15% gold tariff revives smuggling, squeezes legitimate jewellery channel
Doubling of gold import duty to 15% (18.45% all-in tax) has reopened a $200/oz grey market discount, with smuggling projected to top 100 tonnes in 2026 versus 20.4t in 2025. Banks, refiners and organised jewellery retailers face uneconomic refining margins and an estimated $2.65bn in lost duty revenue.
India's doubling of gold import tariffs to 15% has revived smuggling, projected to exceed 100 tonnes in 2026. Grey market discounts above $200/oz are squeezing legitimate banks, refiners and jewellery retailers, making refining uneconomical.
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- The Hindu BusinessLine — Same time