Gold import duty jumps to 15 percent sparking fears of grey market and jewellery price shock

Industry warns the hike could push buyers to grey routes

India’s gems and jewellery industry is bracing for strain after the gold import duty was raised to 15 percent. Industry leaders say higher costs could drive demand toward the grey market and even smuggling, while consumers may shift to lighter gold jewellery to manage rising prices. Leaders are meeting to assess impacts and potential responses.