Titan, Kalyan Jewellers, Senco Gold and Other Jewellers Stocks in Focus as Government Raises Import Duty on Precious Metals to 15%

The Indian government has issued a notification increasing the import duty on gold, silver, platinum, and other precious metals to 15%.  

This hike includes a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC), aimed at curbing excessive imports and easing pressure on foreign exchange reserves. 

Key stocks like Titan, Kalyan Jewellers India, Senco Gold and PC Jeweller Stocks in focus for today. 

New Duty Structure on Precious Metal Imports 

From May 13, 2026, the revised structure will impact a wide range of precious metal imports, including those from the United Arab Emirates (UAE), which previously enjoyed lower concessional rates under a quota system.  

The updated structure places gold and silver imports under a new higher tax regime. 

Impact of the Duty Hike on India's Import Statistics 

In the fiscal year 2025-26, India recorded gold imports worth $71.98 billion, an increase of 24% from the previous year. Despite the rise in value terms, volume-wise imports fell by 4.76% to 721.03 tonnes.  

The spike in import value was supported by rising gold prices, reaching $99,825.38 per kilogram from $76,617.48 in FY25. 

Changes in Customs Duty for Industrial Metals 

Beyond gold and silver, the import duty adjustment extends to other categories, including jewellery components and spent catalysts for recovery.  

Import duties on gold and silver jewellery findings now stand at 5%, while those on platinum findings have been set at 5.4%.  

Spent catalysts or ash containing precious metals will benefit from a concessional duty of 4.35%, subject to certain compliance conditions. 

Read More: NSE Launches Electronic Gold Receipts (EGRs): Where to Buy NSE EGRs? 

National and Economic Implications of Import Changes 

The government’s decision is also reflected upon as the trade deficit widens, hitting $333.2 billion in 2025-26.  

With gold making up over 9% of total imports, the increased duty aims to alleviate some pressure from the current account deficit, which was 1.3% of GDP in the December quarter, according to Reserve Bank of India data. 

Conclusion 

The duty hike on gold, silver, and precious metal imports to 15% aligns with India's strategic economic measures to stabilise foreign exchange reserves. This move is anticipated to curtail soaring import values and address fiscal challenges associated with the trade and current account deficits. 

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