New Delhi: The Centre has increased customs duty on several categories linked to imports of gold, silver and other precious metals through a series of notifications issued by the Finance Ministry on Tuesday. The revised rates, which will come into effect from May 13 midnight, raise customs duty to 10% across multiple tariff categories related to precious metals, jewellery findings and industrial inputs.

The notifications, issued by the Department of Revenue under the Customs Act, amend earlier customs notifications issued in 2000, 2018, 2021 and 2025. The revised duty structure applies to imports falling under tariff headings linked to gold, silver, platinum and related precious metal products, including jewellery components such as hooks, clasps, clamps, pins and screw backs used in manufacturing.

The government has also revised customs duty provisions for imports of spent catalysts or ash containing precious metals meant for recovery and recycling. According to the notification, such imports will now attract 10% customs duty subject to specified conditions.

The move is expected to increase import costs for bullion traders, jewellery manufacturers, refiners and other businesses dealing in precious metals and related industrial products.

The decision comes amid rising concerns over India’s growing import bill and continuing tensions in West Asia. Prime Minister Narendra Modi has reportedly urged citizens to postpone gold purchases and reduce non-essential foreign travel as the government seeks to shield the economy from the impact of the conflict in the region.

India’s gold imports rose by more than 2% to a record $71.98 billion in 2025-26, compared to $58 billion in the previous fiscal year. Imports stood at $45.54 billion in 2023-24 and around $35 billion in 2022-23.

India remains the world’s second-largest consumer of gold after China, with demand driven largely by the jewellery sector and household savings. Gold continues to be viewed as a traditional safe-haven asset across the country.