Precious Metals Duty Update: Gold & Silver Customs Values Cut Effective 17 September 2026
Precious Metals Duty Update: New Customs Tariff Values for Gold and Silver Effective 17 September 2026
The Indian precious metals market has received a fresh customs duty valuation update effective 17 September 2026, bringing a noticeable reduction in the tariff values applicable to imported gold and silver.
The revised values come at a time when international precious metal prices remain closely watched by bullion dealers, refiners, jewellers and traders. Alongside the new customs values, the prevailing rupee-dollar exchange rate and the latest available LBMA benchmark prices provide important reference points for understanding the market environment.
New Customs Duty Values Effective Today
As per the latest update, the revised precious metal customs values are:
| Precious Metal | New Customs Value | Change |
|---|---|---|
| Gold | ₹19,616.74 | -₹1,357.31 |
| Silver | ₹28,975.05 | -₹3,414.71 |
The reduction is significant for both metals, with silver recording a larger absolute decline in the notified value.
The updated customs valuation is particularly relevant for businesses involved in the import, refining, wholesale trading and distribution of precious metals, as customs tariff values are an important component in determining the import valuation framework.
Gold Customs Value
The new customs value for gold stands at ₹19,616.74, representing a decline of ₹1,357.31 from the previous value.
This reduction reflects a lower notified import valuation for gold and may influence the landed-cost calculations used by bullion importers. However, the final domestic market price of gold can differ considerably from the customs valuation because local bullion prices also depend on international gold prices, exchange rates, import-related costs, market premiums and domestic demand.
Silver Customs Value
Silver's revised customs value has been fixed at ₹28,975.05, down by ₹3,414.71.
The larger reduction in absolute terms compared with gold makes the silver revision particularly relevant for bullion traders and industrial users. Silver demand comes from both investment and industrial applications, meaning changes in international prices and import valuations can have a broad impact across the market.
Rupee Exchange Rate
The reference rupee level provided with the update is:
USD/INR: ₹95.25
The exchange rate is an important factor in the Indian precious metals market because international bullion benchmarks are generally quoted in US dollars.
LBMA explains that precious metals are conventionally quoted in US dollars per troy ounce, while prices can also be obtained in other currencies.
Consequently, movements in the rupee against the US dollar can affect the equivalent Indian value of internationally traded gold and silver, even when global metal prices remain unchanged.
Tariff Value in US Dollars
The updated tariff values in US-dollar terms are:
- Gold: USD 1,373 per 10 grams
- Silver: USD 2,028 per kilogram
These figures provide an international reference for the revised customs valuation framework.
It is important to distinguish a customs tariff value from the prevailing market price. The customs value is a notified valuation used for customs purposes and should not automatically be treated as the wholesale selling price or retail market price of the metal.
LBMA Fixing – 14 September 2026
The latest LBMA reference figures provided for 14 September 2026 are:
| Metal | LBMA Fixing |
|---|---|
| Gold | USD 4,267.10/oz |
| Silver | USD 62.81/oz |
The LBMA Gold Price is an internationally recognised benchmark and is administered through an independently operated auction process. Gold prices are set twice daily, while the LBMA Silver Price is set once each business day.
Because these benchmarks are quoted per troy ounce, they provide a common international reference for participants across different markets. One troy ounce is approximately 31.1035 grams.
Gold and Silver: International Benchmark vs Indian Customs Value
The relationship between international bullion prices and India's customs valuation is important for market participants.
A simplified view is:
International bullion price + USD/INR exchange rate + applicable duties/costs + domestic market factors → Indian bullion market pricing
Therefore, a change in any one of these components can affect the domestic market environment.
For example, a stronger US dollar against the rupee can increase the rupee-equivalent cost of internationally priced bullion, while a reduction in the notified customs value can work in the opposite direction for the customs valuation component.
What the New Update Means for Bullion Market Participants
The revised customs values are relevant to several sections of the precious metals industry.
1. Importers
Bullion importers will need to incorporate the updated customs values into their import calculations and documentation from the effective date.
2. Bullion Dealers
Dealers may closely monitor the relationship between the revised customs valuation, international benchmark prices and domestic spot rates when evaluating market quotations.
3. Refiners
For refiners, the updated valuation is another input into landed-cost and inventory calculations, alongside international metal prices, exchange rates and other applicable charges.
4. Jewellers
Jewellers may track the update as part of their broader monitoring of gold and silver procurement costs. However, retail jewellery prices also depend on purity, making charges, GST, product design, wastage and other commercial factors.
5. Traders and Market Participants
Traders will generally watch three key indicators together:
Global bullion prices + USD/INR + Indian customs/tax structure
Looking at only one of these factors may not provide a complete picture of the domestic precious metals market.
Why the LBMA Benchmark Matters
The LBMA benchmark plays an important role in the global precious metals ecosystem. LBMA describes its gold and silver prices as internationally recognised benchmarks used as a basis for various transactions and pricing activities.
The benchmark is based on international market activity and is expressed in US dollars, making the USD/INR exchange rate particularly relevant when assessing its Indian rupee equivalent.
For market participants in India, comparing the international benchmark with domestic bullion prices can therefore provide useful context when evaluating daily price movements.
Key Numbers at a Glance
Effective Date: 17 September 2026
Customs Values
- Gold: ₹19,616.74, down ₹1,357.31
- Silver: ₹28,975.05, down ₹3,414.71
USD Tariff Values
- Gold: USD 1,373 / 10 grams
- Silver: USD 2,028 / kg
USD/INR
- ₹95.25
LBMA Fixing – 14 September 2026
- Gold: USD 4,267.10/oz
- Silver: USD 62.81/oz
Market Outlook
The latest customs valuation update adds another important variable to India's precious metals market. While the reduction in notified customs values changes the import valuation reference, actual bullion prices in India will continue to be influenced by international gold and silver prices, currency movements, domestic demand and supply, applicable taxes and duties, and local market premiums.
For bullion businesses, keeping track of customs tariff values, LBMA benchmarks and USD/INR movements together can provide a more complete picture of the factors influencing daily gold and silver pricing.
Note: The figures in this article are based on the precious-metals duty update and market figures provided above. Customs valuation and bullion market prices can change independently, so traders and businesses should refer to the latest official notifications and applicable regulations before making commercial or import decisions.
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