India triples gold-silver import duty to 15%, jewellery retailers face festive-season cost shock
Centre raised effective import duty on gold and silver from 11% to 15% (basic duty 5%→10%, AIDC 1%→5%) and platinum to 15.4%, defending a record-low rupee at 95.71/USD as forex reserves slid $38B to $691B. Jewellery chains face margin and demand hit ahead of wedding and festive season; FY26 gold imports already up 24.1% to $71.97B.
India tripled effective import duty on gold and silver to 15% (from 11%) and platinum to 15.4%, aiming to curb non-essential imports and defend a record-low rupee. Direct hit to jewellery retailers ahead of festive and wedding season.