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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

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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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National News

Aamir Khan & His Queen Gauri Spratt Seal Their Marriage With Signature Ruby Rings Crafted By QWEEN

More Than 3 Months To Source The Ruby. 256 Hours Of Meticulous Craftsmanship By 131 Pairs Of Skilled Hands. One Madagascar Ruby, Rarer Than 1 In A Million. A Wedding Ring Designed To Look, Quite Literally, Like Royalty.

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For a star whose life has often unfolded under the country’s gaze, Aamir Khan’s wedding to Gauri Spratt was striking for what it chose not to be. There was no spectacle, no sprawling guest list, no grand reception designed for public consumption. Instead, the actor chose an intimate ceremony at his Bandra home, surrounded by close family and friends, and one rare jewel by QWEEN that quietly carried the emotion of the day: a natural ruby ring.

The ruby doesn’t sit on the band so much as it sits in a coronet—a raised gallery of gold rising in soft peaks around the stone, the way a crown rises around a jewel it’s built to protect. This is the ring Aamir Khan chose for his wedding to Gauri Spratt, and QWEEN built it to look like something handed down through generations, not picked off a shelf.

At its centre sits a cabochon-cut natural ruby, polished into a smooth, domed surface rather than faceted, so the stone’s deep, oxblood colour pools and shifts like something lit from within. It’s held by a scalloped gold gallery that peaks into points around the stone, echoing the shape of an actual crown, then drops into a band of fine milgrain beading, the kind of hand-finished detailing that historically marked coronation and heirloom jewellery.

Turned on its side, the ring has the unmistakable silhouette of a bombé signet—high-domed, weighty, and built to be noticed.

Sourced from Madagascar, the ruby belongs to an exceptional category of natural stones, with less than 0.1% of rubies achieving this level of quality, making the stone as exceptional as the moment it was chosen to mark.

For Bollywood’s “Mr. Perfectionist,” the choice of QWEEN felt fitting as a brand defined by 100% natural gemstones and diamonds, mine-to-market transparency, rigorous quality checks, and an uncompromising rejection discipline.

Set in a prong setting, the ring required over 256 hours of craftsmanship—from design development to setting and finishing—before being completed by QWEEN’s 131 pairs of masterful hands.

This wedding ring also completes a story that began earlier this year.

In March 2026, ahead of QWEEN’s official launch, Gauri Spratt was spotted wearing a rare aquamarine ring gifted by Aamir Khan and privately commissioned from QWEEN. The luminous ocean-blue aquamarine, sourced from Brazil, was set in gold and encircled by 40 natural diamonds. Aquamarines of that size and purity represent less than 0.3% of stones discovered globally, making the piece one of extraordinary rarity.

Aamir Khan is also a strategic investor in QWEEN, which is backed by Rosy Blue and Kashikey. But his relationship with the brand has never been limited to investment. Ahead of QWEEN’s official launch, he became the brand’s first customer when he privately commissioned the rare aquamarine ring for Gauri Spratt.

By returning to QWEEN for a gesture as intimate as her wedding ring, Aamir’s association with the brand moves beyond investment and into personal trust.

Amit Kumar, Co-founder and CEO, QWEEN said:

“At QWEEN, we believe a jewel should hold the emotion of the person it is created for.”

“This ruby ring was designed as a deeply personal piece for Gauri: rare, natural, and meaningful. To be chosen for a moment as intimate as a wedding is a very special expression of trust in the brand.”

The choice also reflects QWEEN’s larger philosophy. The brand is built on the belief that jewellery should move beyond occasion, status, and convention and become a language of self-expression.

For the modern Indian woman, jewellery is no longer only inherited, assigned, or bought for an event.

It is chosen. It is felt. It is personal.

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