India Raises Gold And Silver Duty To Curb Imports | Firstpost Live

Added: 2026-05-14

[00:00:00]And ending with more updates from India where the government has hiked duties on gold, silver, and platinum. The move is aimed at containing pressure on the country's foreign exchange reserves amid the ongoing West Asia conflict.

[00:00:13]The customs duty on gold and silver has been increased to 15% from six. While duties on platinum imports have been hiked to 15.4% from 6.4. The raised duty rate on gold includes a 10% basic custom duty with an additional 5% agriculture infrastructure and development cess, or the AIDC. And with this spike, gold prices in India today went up by over 9,000 rupees. It stood at over 163 rupees per 10 grams. Meanwhile, silver jumped by 7% to 300,000 rupees per kilogram. According to reports, the increased duty would conserve foreign exchange and moderate non-essential imports. In our lives, in our own ways of uh working, we can identify whatever we can do to preserve the foreign exchange.

[00:01:08]Simultaneously, we must also earn the foreign exchange more and more.

[00:01:13]Both things have to go in parallel.

[00:01:15]So, I'll request all of you to take cognizance of honorable Prime Minister's call to the nation. But why the changes in gold duties? This is because on May 10th, Prime Minister Narendra Modi urged Indians to avoid gold purchases for a year. He said this would help protect the country's foreign exchange reserves. The Indian PM's remarks about gold came in tandem with a range of other measures. These included fuel conservation, limits on travel, and imports.

[00:01:59]I'm so >> [cheering] >> So, how will this help India? The higher import duties could lead to a reduced demand for precious metals. India is the world's second largest consumer of precious metals. The country's gold imports hit a record $72 billion in the 2025 to 2026 financial year. Curb demand may potentially narrow the trade deficit. It could even support the rupee, which has plunged to a new record low of over 95 against the dollar. Gold demand in India has also seen an uptick in recent months, especially for investment purposes. This is amid a rally in bullion prices over the West Asia crisis. However, industry officials have warned against the challenges higher gold could prove.

[00:03:06]Though they say that it could revive gold smuggling that had eased after India reduced tariffs in mid-2024.

[00:03:12]Meanwhile, jewelers have raised concerns over the livelihoods of small artisanal and workers.

[00:03:44]In India, gold is not just a commodity.

[00:03:47]It's part of a tradition, particularly for weddings. Gold jewelry is seen as a crucial part of the bride's attire and it is the most popular gift from close family and friends. That means a jump in gold prices holds far more significance for Indians than any other commodity.

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