15 May, 2026: The Indian government has increased import duty on gold prices and silver to 15%, reversing the earlier reduction announced in previous years. The move is expected to make gold imports more expensive and push domestic jewellery prices higher.

Author:  Aadarsh Patel | EQMint

According to reports, the government wants to reduce rising bullion imports and protect foreign exchange reserves at a time when global economic uncertainty and crude oil prices remain volatile.

The impact could be visible quickly across the jewellery market.

Industry experts believe:

• Gold jewellery prices may increase further
• Investment demand for gold could slow temporarily
• Silver prices may also rise domestically
• High duties could increase gold smuggling risks again

India is one of the world’s biggest gold consumers, especially during wedding and festive seasons. Because of that, any major change in import duty directly affects jewellery buyers, traders and bullion markets across the country.

The decision also comes as gold prices globally continue trading near record highs, making purchases even more expensive for Indian consumers.

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Disclaimer:  This article is not an investment advice and is for educational purpose only