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Gold, silver coins and jewelleries will become more expensive in the country. The Government of India has hiked import duty on gold and silver items to 15 per cent from the current 10 per cent.

How much prices have increased so far?

In last one year, prices of 24 carat gold has gone up by 9 per cent from Rs 57,240 per 10 grams to Rs 62,400 per 10 grams.

Will this impact demand?

Although, gold prices have continuously risen both in India and abroad, but, this has not deterred demand for the yellow metal. According to World Gold Council (WGC), India’s domestic gold demand rose 10 per cent YoY to 210.2 tonnes in Q3 CY23 from 191.7 tonnes in Q3 CY22.

India is the second largest consumption market of the yellow metal.

What about silver?

In last one year, silver prices have gone up by more than four per cent from Rs 68,260 per kilo gram to Rs 71,000 per kg.

Demand for silver jewelry is rising substantially in the country.

Albeit, GoI hiked import duty on Monday, January 23, 2024. Ironically, earlier,  the Gems and Jewellery Export Promotion Council (GJEPC) had asked the government to reduce import duty on gold ahead of the general budget due on February 1, 2024,. But the government rather took a contrary step.