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India gold imports crash 70% to 25-30 tonnes after duty hike to 15%
Our read
We need to immediately reprice SKUs, lean harder on exchange/old-gold programs, and stretch existing inventory as landed costs jump on the 15% duty regime.
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The report,
Gold imports fell ~70% to 25-30 tonnes after India doubled customs duty on gold and silver to 15% from 6%, materially impacting jewellery industry demand and sourcing for retailers like Tanishq, Titan, and Kalyan Jewellers.
Reported figures
From the report. Source details below
- USD 3.41 billion May
- USD 9.04 billion Apr-May
- 721.03 tonnes FY26
Why it matters to operators
The duty shock pressures unorganized and sub-scale jewellers disproportionately, opening a window for consolidation, distressed M&A, and recycled-gold sourcing partnerships.