India Triples Bullion Import Duty To 15% After Gold, Silver Inflows Surge 82%, 157% In April
Effective May 13, the duty jump from 6% to 15% lands on jewelry retailers Tanishq, Kalyan and Malabar as gold trades near Rs 1.56 lakh/10g and silver at Rs 2.53 lakh/kg. April imports hit USD 5.62B gold and USD 411M silver; FY26 silver inflows already up 150% to USD 12B, widening the USD 28.38B trade deficit.
India hiked gold and silver import duty from 6% to 15% effective May 13 after April imports surged 82% and 157% respectively. Move will pressure jewelry retailers like Tanishq, Kalyan and Malabar amid record-high gold prices near Rs 1.56 lakh/10g.
Why this matters
The duty hike directly impacts margins and pricing for major Indian jewelry retailers Tanishq, Kalyan and Malabar amid record bullion prices and surging import volumes straining the trade balance.
Retail-company signals steady at 396 over the last 90 days.