2 weeks ago
Higher duty takes shine off gold, silver imports
India buys gold and silver from other countries to sell to its people.
In May, the government made these metals more expensive to bring into the country by raising a tax called a customs duty.
The duty went up from 6 percent to 15 percent.
Because the metals cost more, people started buying less.
In July, gold imports grew only a little bit, by about 4.77 percent.
Silver imports dropped a lot, by 66.1 percent.
A government ministry that watches trade released these numbers.
In the national capital, gold cost about Rs 1,57,000 for 10 grams.
Silver cost about Rs 2.40 lakh per kilogram.
So when something gets more expensive to bring in, fewer people buy it.
India's gold and silver imports softened in July following a sharp increase in customs duty on precious metals.
Gold imports rose by only 4.77 per cent to USD 4.16 billion in July.
Silver imports dipped 66.1 per cent to USD 171.68 million in July.
The government raised import duty on precious metals from 6 per cent to 15 per cent, effective May 13.
During April-July 2026-27, gold imports grew 32.41 per cent to USD 15.17 billion while silver imports declined 50.81 per cent to USD 718.42 million.
- Who
- India's commerce ministry and importers of gold and silver
- What
- Gold and silver imports softened after the government raised customs duty on precious metals
- Where
- India, with prices tracked in the national capital New Delhi
- When
- July, following the duty hike effective May 13; cumulative figures cover April-July 2026-27
- Why
- The government increased import duty on precious metals from 6 per cent to 15 per cent, raising prices and curbing demand
Key facts
- Gold imports (July)
- USD 4.16 billion, up 4.77%
- Silver imports (July)
- USD 171.68 million, down 66.1%
- Import duty change
- Raised from 6% to 15%, effective May 13
- Gold price (New Delhi)
- ~Rs 1,57,000 per 10 grams (inclusive of all taxes)
- Silver price
- ~Rs 2.40 lakh per kg
- Gold imports (April-July 2026-27)
- USD 15.17 billion, up 32.41%
- Silver imports (April-July 2026-27)
- USD 718.42 million, down 50.81%











