India’s Gold Imports Rise 4.77%, Silver Dips 66% Post Duty Hike
By Market Desk
India’s gold imports climbed 4.77% to $4.16B in July, while silver imports plunged 66.1% to $171.68M following a significant customs duty increase.
India’s gold imports rose by 4.77% to USD 4.16 billion in July, even as silver imports saw a significant decline of 66.1% to USD 171.68 million. This movement follows the government’s increase in customs duty on precious metals.
July Precious Metal Performance
- Gold imports: Up 4.77% to USD 4.16 billion.
- Silver imports: Down 66.1% to USD 171.68 million.
The government implemented a customs duty increase on precious metals from 6% to 15%. This change became effective on May 13, preceding the import data for July.
Cumulative Import Trends
- Gold imports (April-July 2026-27): Grew by 32.41% to USD 15.17 billion.
- Silver imports (April-July 2026-27): Decreased by 50.81% to USD 718.42 million.
Switzerland remains the largest single source for India’s gold imports, contributing approximately 40% of the total volume. The United Arab Emirates and South Africa also feature as significant suppliers.
Precious metals account for over 5% of India’s total imports, primarily serving the domestic jewellery industry. These import levels have implications for India’s current account deficit.