Gold and Silver Customs Tariff Values Revised: What the New Notification Means for the Bullion and Jewellery Industry

Government of India Customs Notification No. 71/2026-Customs (N.T.) — Effective from 26 August 2026

The Government of India has issued an important customs notification revising the tariff values applicable to several imported commodities, including gold and silver. The notification was issued by the Ministry of Finance, Department of Revenue, through the Central Board of Indirect Taxes and Customs (CBIC), on 25 August 2026 and comes into force from 26 August 2026.

For businesses involved in bullion trading, jewellery manufacturing, importing precious metals, and monitoring international commodity movements, such revisions are important because customs tariff values form part of the framework used for determining the customs value of specified imported goods.

Revised Gold and Silver Tariff Values

Under the revised Table-2 of the notification, the tariff value for eligible gold has been prescribed at US$1,500 per 10 grams. This applies to gold in any form where the benefit of the specified entries under Notification No. 45/2025-Customs dated 24 October 2025 is availed.

For the specified categories of silver, the tariff value remains US$2,097 per kilogram. The notification specifically marks this value as having no change.

The notification also provides a tariff value of US$2,097 per kilogram for specified silver products under heading 71, including silver meeting the prescribed purity conditions and certain semi-manufactured forms under sub-heading 7106 92. The notification clarifies that, for this entry, foreign currency coins, silver jewellery and silver articles are not included within the specified meaning of silver in any form.

Gold Tariff Value Set at US$1,500 per 10 Grams

One of the most significant figures in the notification is the gold tariff value of US$1,500 per 10 grams.

The specified gold entry covers gold in any form for which the benefit of serial number 194 of Notification No. 45/2025-Customs dated 24 October 2025 is availed.

The same US$1,500 per 10 grams tariff value is also specified for another category covering certain gold bars, gold coins and gold findings.

The notification defines the relevant gold bars as bars other than tola bars that carry the manufacturer's or refiner's engraved serial number and have their weight expressed in metric units. It also covers gold coins containing at least 99.5% gold and specified gold findings, subject to the conditions stated in the notification.

For the bullion industry, this is particularly relevant because gold bars and high-purity gold products are important components of the import and wholesale bullion ecosystem.

Silver Tariff Value Remains Unchanged

While the notification revises or replaces the applicable tables, the prescribed tariff value for the specified silver categories remains at US$2,097 per kilogram.

The official notification expressly states “no change” for this value.

For bullion dealers and businesses dealing in silver, the continuation of the existing tariff value provides an important reference point when reviewing customs-related calculations and monitoring the landed cost of imported silver.

It is important, however, to distinguish between the customs tariff value stated in the notification and the market price of gold or silver. A tariff value is a customs valuation reference prescribed by the government for the specified goods; it should not automatically be interpreted as the prevailing domestic bullion market rate.

What Does This Mean for Bullion Dealers?

The notification is relevant to bullion dealers because changes in customs tariff values can affect the valuation framework applied to eligible imports.

Gold and silver businesses typically monitor several different prices and values at the same time, including:

• International gold and silver prices

• Currency exchange rates

• Domestic bullion rates

• Import-related costs

• Customs valuation

• Applicable duties and taxes

• Transportation and logistics expenses

• Refining and manufacturing costs

• Jewellery making charges and other business costs

Therefore, a change in customs tariff value should be considered as one part of the overall bullion pricing environment.

For businesses using digital bullion platforms, live-rate applications or internal trading systems, it can also be useful to clearly distinguish between live market rates and government-notified customs tariff values.

Importance for Jewellery Manufacturers and Importers

The jewellery industry operates across several stages, from importing raw materials and bullion to refining, manufacturing, wholesale distribution and retail sales.

The notification specifically identifies categories of gold and silver and lays down their applicable tariff values. This makes it important for importers and jewellery businesses to review the classification and description of their products carefully.

For example, the notification's gold entry includes certain gold bars with manufacturer or refiner serial numbers and metric-unit weight markings, as well as qualifying gold coins and gold findings.

At the same time, the notification specifically excludes silver jewellery and silver articles from the meaning of silver under one of the specified silver entries.

This highlights an important point: the exact product description and tariff classification matter. Businesses should not apply a single tariff value to every gold or silver product without checking the relevant classification and conditions.

Impact on Bullion Market Monitoring

For the bullion market, government notifications related to customs valuation are closely watched because they can become an important part of the broader market information flow.

Bullion traders may compare:

International Price → Currency Conversion → Customs/Import Framework → Domestic Market Conditions → Trading Price

This means that a customs notification should be viewed alongside international precious-metal prices and domestic market factors.

For example, if international gold prices move sharply while customs tariff values remain fixed for a particular period, the relationship between the notified customs value and the prevailing market environment can change.

Similarly, currency movements can influence the rupee-equivalent cost of internationally priced commodities.

Therefore, professional bullion businesses benefit from maintaining accurate and regularly updated systems for tracking both market rates and regulatory information.

Key Figures at a Glance

The most important figures from the notification can be summarized as follows:

Commodity / Category	Revised Tariff Value
Eligible Gold	US$1,500 per 10 grams
Specified Silver	US$2,097 per kilogram
Specified high-purity silver / semi-manufactured forms	US$2,097 per kilogram
Specified Gold Bars, Gold Coins & Gold Findings	US$1,500 per 10 grams
Areca Nuts	US$11,574 per metric tonne

The notification also retains the existing tariff values for several other commodities listed in Table-1, including crude palm oil, RBD palm oil, other palm oil, crude palmolein, RBD palmolein, other palmolein, crude soybean oil and brass scrap.

Other Commodities Covered by the Notification

Although gold and silver are particularly important for the bullion sector, Notification No. 71/2026-Customs (N.T.) is broader than precious metals.

The revised Table-1 includes:

• Crude Palm Oil — US$1,208 per metric tonne

• RBD Palm Oil — US$1,220 per metric tonne

• Other Palm Oil — US$1,214 per metric tonne

• Crude Palmolein — US$1,227 per metric tonne

• RBD Palmolein — US$1,230 per metric tonne

• Other Palmolein — US$1,229 per metric tonne

• Crude Soybean Oil — US$1,257 per metric tonne

• Brass Scrap — US$7,945 per metric tonne

The notification states “no change” against these values.

The revised Table-3 also specifies a tariff value of US$11,574 per metric tonne for areca nuts, again marked as unchanged.

Effective Date of the New Customs Values

The notification was issued in New Delhi on 25 August 2026 and clearly states that it will come into force from 26 August 2026.
This effective date is particularly important for importers, customs professionals, bullion companies and accounting teams because transactions falling under the relevant provisions need to be considered according to the applicable notification and effective date.

Businesses should therefore ensure that their internal records, valuation processes and compliance workflows reflect the applicable notification from its effective date.

Why This Notification Matters to the Indian Bullion Industry

India has a large and active gold and silver ecosystem involving importers, refiners, bullion dealers, jewellery manufacturers, wholesalers, retailers and consumers.

Because precious metals are globally traded commodities, their pricing is influenced by international markets, exchange rates, import regulations and domestic demand.

A government-notified customs tariff value therefore becomes an important regulatory reference for eligible imports.

For bullion businesses, staying updated with these notifications can help in:

1. Monitoring regulatory changes.

2. Reviewing import valuation processes.

3. Maintaining accurate documentation.

4. Coordinating with customs and compliance teams.

5. Updating internal accounting and ERP systems where required.

6. Understanding the regulatory environment around precious-metal imports.

7. Separating official customs valuation from live bullion market pricing.

Difference Between Customs Tariff Value and Live Gold Rate

One of the most important points for bullion traders and customers is that customs tariff value and live bullion market price are not necessarily the same thing.

A live gold rate may change continuously based on international market movements, currency fluctuations, domestic demand and supply, and other market factors.

A customs tariff value, on the other hand, is a value notified by the government for customs purposes for specified goods and categories.

Therefore, businesses should avoid displaying or describing the notified tariff value as the “today's gold market rate” unless the context specifically refers to customs valuation.

For bullion applications and trading platforms, it is advisable to maintain separate labels such as:

Live Gold Rate

and

Customs Tariff Value

This distinction can make communication clearer for dealers, importers and customers.

What Bullion Businesses Should Check

Following the notification, businesses dealing with precious metals should review their processes and confirm:

1. Product Classification
Verify the applicable chapter, heading, sub-heading and tariff item for the imported product.

2. Product Description
Check whether the actual goods meet the description specified in the notification.

3. Purity Requirements
For certain gold and silver categories, the notification specifies purity thresholds and other conditions.

4. Import Channel
Certain entries distinguish imports through post, courier or baggage from other forms of importation.

5. Applicable Benefit
The gold tariff entry refers to the benefit available under specified entries of Notification No. 45/2025-Customs dated 24 October 2025.

6. Effective Date
The revised notification applies from 26 August 2026.

A Closer Look at Gold Bars and Gold Coins

The notification provides specific details for certain gold bars and coins.

Gold bars covered by the specified entry must be other than tola bars and must carry an engraved serial number of the manufacturer or refiner, with the weight expressed in metric units.

The entry also covers gold coins containing not less than 99.5% gold, along with specified gold findings, subject to the conditions stated in the notification.

These details demonstrate why businesses should pay attention not only to the metal itself but also to characteristics such as purity, form, markings and method of import.

Importance of Accurate Documentation

In the bullion and jewellery sector, documentation is a critical part of compliance.

Businesses should maintain appropriate records relating to:

• Product description

• Quantity and weight

• Purity

• Tariff classification

• Manufacturer or refiner details where applicable

• Serial numbers where required

• Import documentation

• Customs valuation

• Applicable notifications and benefits

Accurate documentation can help businesses and their professional advisors determine the correct treatment under the applicable customs framework.

Conclusion

The Government of India’s Notification No. 71/2026-Customs (N.T.), issued on 25 August 2026 and effective from 26 August 2026, updates the tariff-value tables under the customs valuation framework.

For the bullion industry, the key figures are US$1,500 per 10 grams for specified gold and US$2,097 per kilogram for specified silver, with the notification indicating no change for the specified silver value.

The notification also provides specific treatment for qualifying gold bars, gold coins and gold findings, with the gold tariff value again set at US$1,500 per 10 grams.

For bullion dealers, importers, jewellery manufacturers and other businesses, the key takeaway is the importance of understanding the distinction between customs tariff values and live market rates, while ensuring that product classification, purity, documentation and applicable conditions are reviewed carefully.

As the notification becomes effective from 26 August 2026, businesses operating in the precious-metals ecosystem should incorporate the updated information into their regulatory monitoring and customs-compliance processes.

Source: Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, Notification No. 71/2026-Customs (N.T.), dated 25 August 2026.