Government’s customs haul on gold, silver and platinum hits record after duty hike

In a parliamentary reply, Finance State Minister Pankaj Chaudhary revealed that customs earnings from precious metals reached ₹10,463 crore between 13 May and 2 August. Gold accounted for ₹10,040 crore, silver for ₹328 crore and platinum for ₹95 crore. The rise follows the 13 May amendment that raised import duties on gold and silver from 6 % to 15 % and on platinum from 6.4 % to 15.4 %. The amendment also expanded to include gold and silver dorés, coins and other findings. The government justified the step as a measure to curb imports of luxury metals and to free up foreign exchange for essential categories such as crude oil, fertiliser, industrial raw material and capital goods. The backdrop to the increase includes escalating global uncertainties – notably the West Asian war and the Hormuz Strait blockage – which have driven up prices of oil, food and fertiliser. Enforcement actions during the period seized 161 kg of smuggled gold and led to 116 arrests. India, the second‑largest gold consumer after China, imports the metal primarily for jewellery, a flow that contributes significantly to foreign‑exchange outflows and is closely watched by policymakers.