A customer checks a pair of earrings at a jewellery shop, in Amrisar, Punjab, Wednesday, May 13, 2026. (PTI Photo A day after the government doubled the duty on gold imports to 15% , Indian gems and jewellery traders have said the move will stifle export shipments amid trade disruption in the West Asia region. Gems and Jewellery Export Promotion Council (GJEPC) said that hiking the import duty on gold could be ineffective in reducing imports and would escalate export cost and fuel smuggling. “Hiking import duties rarely curbs gold imports — it merely inflates prices. Despite gold prices doubling recently, imports have not declined proportionally. Such measures often fuel smuggling and escalate export costs,” GJEPC said. Exporters now face bank guarantees of Rs 28-30 lakhs per kg of duty-free gold from nominated agencies, severely blocking working capital and stifling exports, the export promotion council said.…