India hikes gold and silver import duty to 15%
Business
India just bumped up its gold and silver import duty from 6% to 15%: that's a big jump.
The new tax mix includes a basic customs duty and an extra cess, all meant to help steady the rupee and protect foreign reserves as global risks rise.
Prime Minister Modi has also asked people to cut back on buying gold and avoid unnecessary foreign travel, hoping it'll support the currency.
Experts forecast 10% gold demand drop
Experts say gold demand will likely drop by about 10%, and jewelry sales might shrink by up to 15%. Still, high prices could keep overall sales value steady.
After the news broke, shares of big jewelry brands like Titan and Kalyan Jewellers took a hit.
With costs rising, more people may start exchanging old jewelry or taking out gold loans instead.