National News
GIA Resumes Acceptance of International Shipments to US Labs
The Gemological Institute of America (GIA) has announced the resumption of international shipments to its U.S. laboratories for services, following a temporary suspension prompted by tariffs imposed under former U.S. President Donald Trump. During the suspension, GIA expanded capabilities at its international labs to maintain service continuity, which have now returned to normal operations.
Effective immediately, all GIA laboratories globally are accepting goods in accordance with their local service guidelines, including items requiring shipment to the U.S. Notably, GIA labs in Hong Kong and Dubai will continue to accept D- to Z-color diamonds up to 9.99 carats.
GIA cautioned clients against relying on alternative shipping methods—such as special couriers using foreign trade zones (FTZ) or temporary import bonds (TIB)—as ways to circumvent tariffs. The institute emphasized it holds no responsibility for taxes incurred through such channels and reiterated that there remains no tariff-free mechanism for shipping rough diamonds to the U.S. for grading.
National News
WGC India Gold Market Update: Import Tightening
Part Of A Broader Push To Conserve Foreign Exchange Reserves Amid Geopolitical Uncertainty and Mounting Pressure On The INR
Highlights
- Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening
- Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price
- Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient
- Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike.
Policy actions on gold imports
Since early April, the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past.
On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024. Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme), and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year.
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