Indian jewelers brace for 10% sales dip as gold tariffs nearly triple

Tax bump follows Modi's urging to avoid gold, cut fuel use, promote EVs and work from home A saleswoman shows off gold necklaces inside a jewelry store in Kolkata on Jan. 28. Dealers are reeling now that Prime Minister Narendra Modi has asked Indians to curtail purchases of the precious metal. MUMBAI — Indian jewelers are bracing for a significant decline in domestic sales now that the government has more than doubled import duties on precious metals like gold, silver and platinum in a bid to ease pressure on the country's external account and consequently on the rupee.

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