India’s jewellery industry is preparing for a behavioural shift, not a demand collapse, after Prime Minister Narendra Modi’s appeal to citizens to cut down on gold purchases for a year. Large organised jewellers say the immediate impact of the Prime Minister’s remarks could accelerate a transition already underway in the market: consumers increasingly exchanging old…
Despite local gold prices rising by 443% over the past decade, annual demand has remained broadly steady at 666-803 metric tons, averaging about 718 tons. | Photo Credit: SHIVA SHARMA India, the world’s second-largest gold consumer, has raised tariffs on gold and silver to 15 per cent from 6 per cent in a bid to…
Gold bangles are displayed inside a jewellery store in the old quarters of Delhi, India, May 11, 2026. | Photo Credit: BHAWIKA CHHABRA The Kerala Gold and Silver Merchants Association has urged the government to adopt a policy framework focused on recycling domestically held gold instead of discouraging gold purchases through higher import duties. State…
Retail jewellers say the sudden spike in prices has sharply eroded affordability in a market that was already witnessing slower demand ahead of the wedding and festive season. | Photo Credit: KAMAL KISHORE A steep hike in gold import duty sent domestic gold prices soaring nearly 10 per cent on Wednesday, worsening sentiment in India’s…
Gold edged lower on Wednesday after strong US inflation data dampened speculation of near-term interest rate cuts, with investors also focused on an upcoming meeting between U.S. President Donald Trump and Chinese counterpart Xi Jinping. Spot gold was down 0.4% to $4,694.59 per ounce at 0946 GMT, retreating from a three-week high hit in the…
Gold rates rise across India on May 13 | Photo Credit: SIVARAM V Gold prices in India have seen an upward trend today, May 13, with an increase seen across all major cities. The price of both 22-carat and 24-carat gold has risen compared with the previous session. This report provides a detailed, city-by-city breakdown…
Stack of gold bars. | Photo Credit: brightstars The significant increase in the import duty on gold from 6 per cent to 15 per cent may lead to an increase in imports from Dubai through the free trade agreement route, think tank GTRI said on Wednesday. It said that the duty hike also sharply changes…
The government recently increased gold import duty to 10% from 5% and agriculture cess to 5% from 1%. | Photo Credit: istock.com Pointing out that hiking import duties has historically failed to meaningfully curb gold imports, Gem and Jewellery Export Promotion Council (GJEPC) on Wednesday said the government’s latest move may only push up domestic…
India imports nearly 700–800 tonnes of gold annually, resulting in significant foreign exchange outflows and pressure on the current account deficit | Photo Credit: K_MURALI_KUMAR Malabar Gold & Diamonds has submitted a comprehensive proposal to the Government recommending strategic enhancements to the Gold Monetisation Scheme (GMS). The jeweller appealed for responsible gold consumption and the…
The move aims to curb rising imports of precious metals amid strong investment demand, record inflows into gold ETFs and pressure on India’s forex reserves. | Photo Credit: iStockphoto Two days after the Prime Minister’s appeal to postpone buying of gold for a year, the Finance Ministry late on Wednesday raised the import duty on…
