BusinessIndia, the world's biggest gold consumer after China, more than doubled import tariffs to 15% on May 13 to curb demand, cut the trade ⁠deficit and ease pressure on the rupee. File photo: Saleswomen show gold ornaments and jewellery to customers for purchase inside a Senco Gold & Diamonds jewellery showroom in Kolkata, India. India, the world's biggest gold consumer after China, more than doubled import tariffs to 15% on May 13 to curb demand, cut the trade ⁠deficit and ease pressure on the rupee. The recent resurgence in the grey market suggests illegal imports could exceed 100 tons in 2026, industry officials told Reuters last ⁠month. Gold demand in the June quarter declined ‌6% from a year earlier to 131.4 tons, as falling jewellery purchases outweighed strong investment demand, the report said.