Gold Import

The government has collected Rs 10,463 crore as customs duty on gold, silver and platinum between May 13 and August 2, Parliament was informed on Monday. The import duty on gold and silver had been hiked to 15 per cent, from 6 per cent, and that on platinum to 15.4 per cent from 6.4 per cent, with effect from May 13. Consequential changes were also made to other items, including gold and silver dore, coins, and findings. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the government has collected Rs 10,040 crore as customs duty on gold between May 13 and August 2. During the period, Rs 328 crore and Rs 95 crore were collected as customs duty on silver and platinum, respectively. Cumulatively, the total customs duty collection from the three precious metals during the period stood at Rs 10,463 crore. Chaudhary further said that between May 13 and June 30, 161 kg of smuggled gold were seized and 116 persons were arrested. On M

The World Gold Council says higher tariffs have widened the price gap, boosting grey-market gold imports and hurting organised players in India

Monthly gold imports have declined to 25-30 tonnes from 70-80 tonnes, while recycling of old jewellery has increased following the recent hike in import duties

India's gold imports have reduced about 70 per cent to 25-30 tonnes after customs duty on the yellow metal was more than doubled to 15 per cent, an official said on Thursday. Effective May 13, import duty on gold and silver has been increased to 15 per cent from 6 per cent. "Gold imports have been reduced to 25-30 tonnes after an import duty hike in a month, from 75-100 tonnes earlier," the official said. However, in value terms, India's gold imports rose by 34 per cent year-on-year to USD 3.41 billion in May, driven by higher prices of the precious metal. During April-May 2026-27, gold imports surged 60.14 per cent to USD 9.04 billion. In the last FY26l, gold imports rose 24 per cent to hit an all-time high of USD 71.98 billion. In volume terms, however, imports dipped 4.76 per cent to 721.03 tonnes. Gold imports in India, the world's second-biggest gold consumer after China, are driven by the jewellery industry demand. Such imports involve substantial outflow of foreign ...

At current prices, 100 ‌tons of gold would be worth about $14.35 billion, implying roughly $2.65 billion in lost tariffs and sales tax

India may need a steep fall in gold imports to ease its trade deficit, but high prices, investment demand and smuggling risks complicate the duty hike's impact

The government imposed a 10 per cent basic customs duty along with a 5 per cent Agriculture Infrastructure and Development Cess (AIDC), aiming to curb imports of the previous metals

India raises gold, silver and platinum import duties to curb overseas demand, ease pressure on forex reserves and narrow current account deficit amid global uncertainty

The resumption is expected to boost the country's gold imports, widen ‌the trade deficit and put more pressure on the rupee, which is among Asia's worst-performing currencies this year

As Prime Minister Narendra Modi has appealed for austerity measures in view of the tensions in West Asia, India's rising gold imports are drawing attention. Emphasising that the Centre is trying to shield people from the adverse impact of the conflict in West Asia, Modi on Sunday called for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, to strengthen the economy. Here are a few questions and answers to understand gold imports in India. IMPORT DATA: India's gold imports rose over 24 per cent to an all time high of USD 71.98 billion in 2025-26. It was USD 58 billion in 2024-25, USD 45.54 billion in 2023-24, USD 35 billion in 2022-23, USD 46.14 billion in 2021-22, USD 34.62 billion in 2020-21, and USD 28.2 billion in 2019-20. In volume terms, however, it dipped 4.76 per cent to 721.03 tonnes in 2025-26 from 757.09 tonnes in 2024-25. It was 795.2 tonnes in 2023-24 and 678.3 tonnes in 2022-23. India is the world's second-biggest gold ..

Shipments have been stuck at customs since the start of the financial year on April 1, ensnared by administrative bottlenecks and a lack of clarity over taxes

Industry warns that delays in renewing refinery licences for dore gold imports could tighten bullion supply, hurt jobs, and disrupt downstream jewellery manufacturing

List of 17 banks valid until March 2029; delay briefly disrupted bullion mkt

The country's gold imports rose 28.73 per cent to USD 69 billion during April-February 2025-26 on account of high prices of the precious metal, according to the Commerce Ministry data. Gold imports stood at USD 53.52 billion in April-February 2024-25. The rise in gold imports pushed the country's trade deficit (difference between imports and exports) to USD 310.60 billion during the 11-months of the last fiscal as compared to USD 261.80 billion during April-February 2024-25, the data showed. Prices of the yellow metal are hovering at around Rs 1,51,500 per 10 grams (inclusive of all taxes) in the national capital. Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent). The precious metal accounts for over 5 per cent of the country's total imports. The country's total imports from Switzerland were up 11.57 per cent to USD 23.5 billion during April-February 2025-26. In February, go

Yellow metal trading at a huge discount of Rs 2,000 per 10 gram in the Mumbai spot market

Higher imports by India, the world's second-biggest consumer of the precious metal, are set to support gold prices that hit records this week, even as demand languishes in top buyer China

New rules tighten ways how precious metals can enter the market. Here's what investors need to know about the changes.

Only authorised importers can now bring gold or silver under India-UAE CEPA; new codes introduced to curb gold misdeclared as platinum to avoid higher duties

The key risks to the upside in gold, BofA Securities said includes US fiscal consolidation, reduced geopolitical tensions, and a return to collaborative inter-governmental relations

Currently, Indian household gold reserves stand at 25,000 tonnes