The government has reduced duty drawback rates for gold and silver jewellery exports, lowering the refunds available to exporters under a revised schedule notified by the Ministry of Finance on October 15, 2026. The revision reduces the rate for gold jewellery by 3.1% and for silver jewellery and certain silver articles by approximately 9%.

Under the revised rates, the duty drawback for gold jewellery and parts has been reduced to Rs 1,794.11 per gram from Rs 1,851.99 per gram. For silver jewellery and parts, as well as specified articles made of silver, the rate has been lowered to Rs 26,859.02 per kg from Rs 29,501.09 per kg.

Duty drawback is a refund mechanism intended to reimburse eligible duties paid on inputs used in the manufacture of exported goods. The revised rates reduce the amount exporters can claim under the applicable categories.

The latest revision follows a substantial increase in July 2026, when the government raised the duty drawback rate for gold jewellery from Rs 773.17 to Rs 1,851.99 per gram. The rate for silver jewellery and articles made of silver increased from Rs 14,990.66 to Rs 29,501.09 per kg at the time.

India Bullion and Jewellers Association (IBJA) secretary Surendra Mehta attributed the latest adjustment to changes in precious metal prices and their impact on import duties. He noted that the drawback rates were fixed in absolute terms rather than as a percentage, requiring corrections when gold and silver prices changed.