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.