Gold Prices Surge Up to 9% Following Customs Duty Hike
22k gold rates rise by up to 9% today: Check 24k, 22k, 18k gold prices (May 13, 2026) on IBJA, Malabar Gold & Diamonds, Joyalukkas, Tanishq and Kalyan Jewellers
The Economic TimesImage: The Economic Times
On May 13, 2026, gold prices increased by up to 9% across major jewelry brands in India after the government raised customs duty on gold imports from 6% to 15%. This move aims to curb rising gold imports and is expected to impact consumer demand significantly.
- 01Gold prices rose by up to 9% due to increased customs duty.
- 0222k gold prices at Tanishq reached ₹15,435 per gram.
- 03Higher import duties may suppress consumer demand by 57 tonnes annually.
- 04Gold smuggling could rise as a consequence of the duty hike.
- 05Silver prices also saw a significant increase, rising nearly ₹22,000.
Advertisement
In-Article Ad
On May 13, 2026, gold prices surged by up to 9% across major jewelry brands in India, following a government decision to increase customs duty on gold imports from 6% to 15%. This duty hike is intended to discourage rising gold imports and stabilize domestic prices. For instance, Tanishq's 22k gold is now priced at ₹15,435 per gram, up from ₹14,160 the previous day, marking a ₹1,275 increase. Similarly, Joyalukkas and Kalyan Jewellers reported similar increases of 9.03%. The managing director of RiddiSiddhi Bullions Ltd., Prithviraj Kothari, noted that such increases in import duties could lead to a significant drop in consumer demand, estimating a potential reduction of 57 tonnes annually. Additionally, this rise in duties may encourage a resurgence in gold smuggling, which had previously declined after a duty reduction in 2024. Silver prices also saw a substantial increase, with rates rising by nearly ₹22,000.
Advertisement
In-Article Ad
The increase in gold prices will likely lead to higher costs for consumers purchasing gold jewelry, potentially affecting demand and leading to changes in consumer behavior.
Advertisement
In-Article Ad
Reader Poll
Do you think the increase in customs duty on gold will effectively reduce imports?
Connecting to poll...
More about India Bullion and Jewellers Association
Panic Buying of Bridal Jewellery Surges in India Amid Policy Concerns
The Economic Times • May 13, 2026

Jewellery Stocks Plummet Following Modi's Call to Reduce Gold Purchases
Mint • May 11, 2026
India's Government Moves to Restore Gold Import Tax Exemption for Banks Amid Supply Disruptions
The Economic Times • May 8, 2026
Read the original article
Visit the source for the complete story.



