India’s reported May 13, 2026 import-duty increase raises the official landed cost of imported precious metal, which can put upward pressure on bullion and jewellery prices. Gold and silver moved from 6% to 15%, while platinum moved from 6.4% to 15%. The change does not mean every shop price rises by exactly the same percentage or on the same day.
Your final quote also reflects the metal’s market price, purity, product form, the assessed import value, GST, retail premiums, making charges and the seller’s inventory. Customs duty is one part of the price—not the whole tax burden and not a stand-alone formula for predicting a jewellery bill.
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What changed on May 13, 2026
A Ministry of Finance announcement, reported by DD News on May 13, 2026, set higher reported import-duty rates for several precious-metal categories. The announcement said the new rates applied from that date.
| Product category named in the announcement | Previous reported rate | New reported rate | Change |
|---|---|---|---|
| Gold | 6% | 15% | +9 percentage points |
| Silver | 6% | 15% | +9 percentage points |
| Platinum | 6.4% | 15.4% | +9 percentage points |
| Gold and silver findings | Not stated in the announcement summary | 5% | Product-specific rate |
| Platinum findings | Not stated in the announcement summary | 5.4% | Product-specific rate |
The rates above are the figures reported for the announcement, not a complete tariff-line schedule. “Gold,” “silver” and “platinum” can cover different forms and classifications, such as unwrought metal, semi-manufactured material, findings, coins or finished articles. A rate for one form must not automatically be applied to another.
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A June 2026 Hong Kong Trade and Industry Department circular describes a 10% Basic Customs Duty combined with product-specific Agriculture Infrastructure and Development Cess rates. That description is a reminder that the total charge can be built from more than one component. Check the tariff classification and the applicable notification for the exact item instead of treating a headline percentage as universal.
How an import duty reaches a consumer price
1. Customs first values the imported goods
Import duty is calculated against an assessed import value. Section 14 of India’s Customs Act describes transaction value as the starting point and provides for specified costs and services—such as transport, insurance, loading, unloading and handling—to be included under the applicable valuation rules.
That is why duty is not simply a fixed rupee amount added to a jeweller’s displayed rate. If the customs-assessed value changes, the rupee amount of duty changes even when the percentage stays constant. Exchange rates, the international metal price, freight and insurance can all affect the assessed base.
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2. The duty is separate from GST
Customs duty and GST are different charges. The Central Board of Indirect Taxes and Customs (CBIC) GST rate schedule lists a 3% IGST rate for the shown precious-metal headings, including unwrought or semi-manufactured gold, silver and platinum and coins.
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That 3% IGST entry does not establish the tax treatment of every jewellery sale, every product classification or every making-charge arrangement. It does mean you should not describe a 15% customs-duty rate as the entire tax burden. Ask for the invoice lines showing the metal value, applicable taxes and any service or workmanship charges.
3. The imported metal enters a retail price stack
After import, a bullion dealer or manufacturer may hold inventory, finance it, refine it, convert it into a component or jewellery, and sell it through a retailer. A finished quote can therefore include:
- the prevailing domestic or international-linked metal price;
- the product’s purity and weight;
- customs duty and other import components applicable to that classification;
- IGST or other taxes applicable to the transaction;
- fabrication, wastage, design or making charges for jewellery;
- dealer, refiner and retailer premiums; and
- the seller’s hedging, inventory and operating costs.
The import-duty percentage affects the cost base, but it does not dictate every later charge.
Why a 9-point increase does not produce a 9% jump at every counter
Physical markets can adjust with a lag
The World Gold Council’s May 2026 analysis says the higher duty mechanically raises the official domestic or landed price, while physical-market prices may not fully or immediately mirror the increase. Prices can adjust with a lag as dealers work through existing inventory, buyers and sellers renegotiate, and local demand responds.
This is a market observation, not a fixed pass-through rule. One jeweller may reprice quickly; another may still be selling stock imported under earlier conditions. A shop may also change its premium or making charge rather than pass the entire increase through the metal line.
Inventory and contract timing matter
A retailer that bought material before May 13 may have a different cost basis from one replenishing stock after the change. Import declarations, shipment dates, contracts and payment terms can create additional timing differences. Two quotes issued on the same day can therefore differ without either seller applying the wrong percentage.
Metal prices move independently
Gold, silver and platinum prices are influenced by global markets, currency movements, interest-rate expectations, industrial demand and investor flows. If the international price falls while the duty rises, the domestic quote may rise less than expected or even decline. If the global price rises at the same time, the combined effect can be larger.
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What the change can mean for different purchases
Gold coins and bars
A coin or bar is generally closer to a transparent metal-price comparison than a designed jewellery item, but it still has a product premium, packaging, minting and seller margin. The CBIC schedule’s 3% IGST entry for listed precious-metal goods includes coins, while the customs classification and duty treatment depend on the imported product and its tariff line.
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Compare the quoted metal rate, purity, weight, premium and taxes separately. Do not assume a coin’s selling price will move exactly in line with the 9-percentage-point change.
Gold jewellery
Jewellery adds design and workmanship variables. Making charges may be a percentage of metal value, a per-gram amount or a fixed fee; wastage policies and stone costs can also differ. A higher landed metal cost can raise the metal component, but the final bill depends on how the seller calculates these additional charges.
For a meaningful comparison, request the net gold weight, purity, rate per gram, making charge, stone value, discount, taxes and final payable amount on the same date.
Silver
Silver is affected by both investment demand and industrial demand. The reported change moved the named silver rate from 6% to 15%, but the price response can still be delayed and product-specific. Silverware, industrial inputs, jewellery, bars and coins may fall under different classifications or carry different premiums.
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Platinum
The announcement reported platinum moving from 6.4% to 15.4% and platinum findings at 5.4%. Platinum jewellery also includes design, alloy, certification and retail-premium variables. Do not apply the gold or silver rate to a platinum item simply because all three are precious metals.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A simple way to see the rupee effect
Use an assessed-value example only to understand the mechanics. Suppose customs values an imported shipment at ₹100,000 and the applicable rate is the one reported for standard gold or silver in the announcement:
| Calculation | At 6% | At 15% |
|---|---|---|
| Customs duty on ₹100,000 assessed value | ₹6,000 | ₹15,000 |
| Difference in duty | ₹9,000 | |
This illustration excludes IGST, any cess or other import components, and all later dealer or retail charges. It also assumes the same assessed value and classification before and after the policy change. In an actual shipment, the value and applicable components must be determined under the customs rules and tariff line.
How to compare a quote without overestimating the duty effect
- Match the product. Compare gold with gold, silver with silver and platinum with platinum. Keep bullion, coins, findings and finished jewellery in separate groups.
- Match purity and weight. A 24-karat coin, a 22-karat ornament and an alloyed platinum item are not equivalent units.
- Record the quote date. Market prices and seller premiums can change between calls, visits and online checks.
- Separate metal value from workmanship. Ask for a line-by-line breakdown of net metal weight, rate, making or fabrication charges, stones and discounts.
- Identify taxes separately. Confirm which line is customs-related, which is IGST or another GST treatment, and which is a seller charge. The 3% IGST schedule entry is not a universal answer for every jewellery transaction.
- Check the classification when importing directly. The duty for a finding, coin, bar, semi-manufactured material or finished article may differ. Use the applicable tariff notification rather than a news headline.
- Compare like-for-like sellers. A lower advertised metal rate can be offset by a higher premium or making charge.
Questions the policy change cannot answer by itself
- It cannot provide an exact retail price for a particular ring, chain, coin or bar.
- It cannot show when a specific jeweller will reprice inventory.
- It cannot establish that every precious-metal product carries the same total import burden.
- It cannot predict whether global metal prices, the rupee or local demand will offset or amplify the duty increase.
- It cannot determine the GST treatment of every jewellery bill from the listed 3% IGST headings alone.
For a transaction involving a substantial import or a complex product, the importer or customs broker should verify the tariff classification, valuation method and current notification. For a retail purchase, the invoice is the practical record of the product description, weight, purity, charges and taxes you are actually paying.
Bottom line
The reported May 13, 2026 policy change substantially increased the headline import-duty rates: gold and silver from 6% to 15%, and platinum from 6.4% to 15.4%, with lower reported rates for specified findings. That raises the official landed cost and can push Indian bullion and jewellery prices higher. The pass-through is not guaranteed to be immediate or one-for-one because physical-market adjustment, inventory, global prices, product classification, GST and seller charges all intervene. Treat the duty as one input in a fully itemised quote, not as the final price calculator.
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