The Indian government has no plans to raise import duties on gold and silver, according to official sources, easing concerns over a potential increase in taxes on precious metal imports amid widening trade and fiscal pressures.
Officials said there is currently no proposal under consideration to revise customs duties on gold or silver, despite recent speculation in the market over possible measures to curb imports and support the rupee.
India reduced import duties on gold and silver in 2024 to boost transparency in bullion trade and discourage smuggling. The existing duty structure has helped stabilise legal imports while supporting the domestic gems and jewellery industry.
The clarification comes as India continues to witness strong demand for precious metals driven by festive buying, wedding season purchases and safe-haven investment trends amid global economic uncertainty and geopolitical tensions.
India remains one of the world’s largest importers of gold and silver, with bullion imports playing a major role in the country’s overall import bill and trade balance.