Editor’s Note
**Editor’s Note:** India has raised import duties on gold and silver to 15% from 6% in a bid to curb record-high imports, following the prime minister’s call for voluntary restraint. The move targets a soaring gold-import bill that hit $71.98 billion last year.
May 14, 2026
By Leah Meirovich
Rapaport News
The Indian government has raised the import duties on gold and silver to 15% from the previous 6% rate to alleviate record-high overseas purchasing.
The move came after Indian Prime Minister Narendra Modi implored citizens to defer nonessential gold purchases for a year voluntarily, with the objective of curbing the country’s rising gold-import bill, which reached an all-time high of $71.98 billion last year, the Gem and Jewellery Export Promotion Council (GJEPC) said Wednesday.
The changes, which come into effect immediately, also include platinum, which has a new tariff of 15.4%, compared with its previous 6.8%.
The GJEPC states that while it’s “committed to the spirit of ‘Nation First,’” it has written to Modi together with major retailers and manufacturers, outlining proactive measures the members will take to lower imports. Those include promoting sales of lower-karat gold jewelry, which will reduce imports by 20% to 30%, encouraging consumers to exchange old gold for new jewelry, and discouraging investment in gold bars, billets and coins, which account for 20% to 30% of total imports.
The council pointed out that the most “severe” impact of the new policy would be on smaller and mid-size manufacturers, who are “the backbone” of the industry, and account for 80% of the GJEPC’s membership. These businesses are now facing a liquidity crunch.
Image: Gold and silver bars. (Shutterstock)