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India raises import duties on precious metals: Gold & silver hit 15pc duty mark

Effective January 22, the duty on these items will rise from the existing 10 per cent to 15 per cent, comprising a basic customs duty of 10 per cent and an additional Agriculture Infrastructure and Development Cess (AIDC) of 5 per cent.

According to government sources, the decision to hike import duties aims to streamline the imports of precious metals and enhance the economic landscape. The move not only covers gold and silver coins but also includes articles like hooks and clips, integral components in the jewellery-making process.

Furthermore, the government has increased the duty on spent catalysts, essential for extracting precious metals, to 14.35 per cent.

This development follows the government’s decision during the budget of 2023 to align import duties on silver dore, bars, and articles with those on gold and platinum.

The basic customs duty on silver was increased to 10 per cent from 7.5 per cent, with an additional 5 per cent AIDC on imports, up from 2.5 per cent.

For silver dore, the duty now stands at 10 per cent basic import duty and 4.35 per cent AIDC. Articles made of precious metals also witnessed an increase in import duties, rising to 25 per cent from the previous 22 per cent.

However, there is no change in the import duties on gold.