Editor’s Note
India’s sharp hike in import duties on gold, silver, and platinum is set to dampen domestic jewelry sales, as the government prioritizes easing external account pressures and supporting the rupee.
Indian jewelers are bracing for a significant decline in domestic sales now that the government has more than doubled import duties on precious metals like gold, silver and platinum in a bid to ease pressure on the country’s external account and consequently on the rupee.
A saleswoman shows off gold necklaces inside a jewelry store in Kolkata on Jan. 28. Dealers are reeling now that Prime Minister Narendra Modi has asked Indians to curtail purchases of the precious metal.
SOUMYAJIT SAHA
May 13, 2026 21:52 JST
MUMBAI — Indian jewelers are bracing for a significant decline in domestic sales now that the government has more than doubled import duties on precious metals like gold, silver and platinum in a bid to ease pressure on the country’s external account and consequently on the rupee.
