The exact increase will depend on several things – global gold prices, GST, purity, making charges, and even the jeweller you buy from. But one thing is clear: imported gold itself has become costlier.
To put it simply, if gold worth ₹1 lakh earlier attracted roughly ₹6,000 in import duty, the same quantity could now attract close to ₹15,000 in duty under the revised rates.
That’s nearly ₹9,000 extra on every ₹1 lakh worth of imported gold.
Now, whether the entire increase reaches customers immediately is another question. Some jewellers may temporarily absorb a small portion depending on old inventory, while others could gradually pass it on to buyers over the next few weeks.
Either way, retail gold jewellery prices are expected to move upward.
And it’s not just gold bars or coins getting affected.
