The Central Government has increased the effective import duty on gold and silver to 15% from 6% through a set of customs notifications issued by the Ministry of Finance, with the revised rates taking effect from May 13.
The revised duty structure doubles the basic customs duty on the two precious metals to 10% from 5%, while increasing the Agriculture Infrastructure and Development Cess to 5% from 1%, taking the overall effective levy to 15%.
The changes were notified through Notification Nos. 15/2026, 16/2026, 17/2026 and 18/2026-Customs, which amend earlier customs notifications governing import duties on precious metals and related products.
Apart from gold and silver bullion, the revised rates also apply to certain precious metal-related imports and jewellery manufacturing inputs. Goods falling under tariff headings 7107 and 7109 will attract 5% duty, while imports under tariff heading 7111 will face 5.4% duty. Goods under heading 7118 will attract 5% duty.
The government has also revised duties on jewellery findings such as hooks, clasps, clamps, pins and screw backs used in jewellery manufacturing. Gold and silver findings will attract 5% duty, while platinum findings will be subject to 5.4%.
Further, spent catalyst or ash containing precious metals imported for recovery or recycling will attract 4.35% duty, subject to compliance with the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022, along with certification requirements from the Ministry of Environment, Forest, and Climate Change.