On Wednesday, the Indian government raised import duties on gold and silver from 6% to 15%, aiming to reduce imports amid a rising import bill linked to the West Asia crisis. Following this announcement, gold prices surged by ₹1,500 to ₹1,56,800 per 10 grams, while silver prices increased by ₹12,000 to ₹2,77,000 per kg in Delhi. The hike is expected to further elevate domestic gold prices, potentially reducing jewellery demand as costs rise. Vishal Dhawan, a Certified Financial Planner, sees this as an opportunity for investors to rebalance their portfolios, especially as many may be overweight in gold. Conversely, those underweight in gold are encouraged to consider adding exposure cautiously. The jewellery sector reacted negatively, with stocks like Sky Gold plummeting over 11%, reflecting fears of decreased demand. The All India Gems and Jewellery Council expressed concerns that the duty hike could lead to increased smuggling and a parallel economy. Industry leaders anticipate that high import duties may persist until the West Asia crisis stabilizes, potentially impacting market volumes by 10-15%.