No more tax relief for importing gold, silver and platinum: What does it mean? Will buyers pay more?

The Indian government has removed the upfront IGST exemption for banks and nominated agencies importing precious metals, effective 1 April 2026. This means that these imports now incur a 3% customs levy.

Analysts predict that this change may lead to an increase in import duties for gold, silver, and platinum, potentially impacting the jewelry and bullion industries.

However, the direct impact on seafarers is minimal, as this change primarily affects financial institutions and importers.