Gold Imports

Importers must fulfil 50 per cent export obligation before fresh licences as government tightens gold import monitoring norms

A day after significantly increasing the import duty on precious metals, the government on Thursday imposed a limit of 100 kg on gold imports under the Advance Authorisation scheme, which allows jewellery exporters to import raw or input materials at zero duty. The government has tighetend conditons for the issuance and monitoring of advance authorisation for import of gold. Earlier, there was no limit on gold imports under the scheme. The Advance Authorisation scheme allows the duty-free import of inputs that are incorporated into an export product. In addition to any inputs, packaging material, fuel, oil, and catalyst that are consumed or utilised in the process of production of export product, are also allowed. "AA for import of gold shall be issued, subject to a maximum remissible quantity of 100 kilograms," the DGFT said in a public notice. It added that in case of application for Advance Authorisation by a first-time applicant, a mandatory physical inspection of the applicant

As India raises gold import duty to curb rising imports, experts warn higher taxes alone may not cut demand and could revive smuggling, hurting formal jewellers and limiting CAD gains

Widening tariff gap under India-UAE CEPA could encourage higher bullion imports through Dubai amid concerns over arbitrage opportunities

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

Shares of jewellery, travel and hospitality firms fell after Prime Minister Narendra Modi urged restraint in gold purchases and foreign travel amid forex pressures

India is ​the ‌world's second-largest consumer of gold ‌and the largest ‌consumer of silver

In 2017, when India adopted the IGST, gold-importing banks were exempted from paying the 3% levy

Dealers quoted premiums of up to $15 an ounce over official domestic prices this week, inclusive of 6 per cent import and 3 per cent sales levies, the highest since February 7

The country's gold imports rose 24 per cent to hit an all-time high of USD 71.98 billion in 2025-26 on account of high prices of the precious metal, according to Commerce Ministry data. Gold imports stood at USD 58 billion in 2024-25. It was USD 45.54 billion in 2023-24 and USD 35 billion in 2022-23. In volume terms, imports dipped 4.76 per cent to 721.03 tonnes. It was 757.09 tonnes in 2024-25. Similarly, silver imports jumped about 150 per cent to USD 12 billion in the last fiscal due to higher prices. In volume terms, it rose by 42 per cent to 7,334.96 tonnes in 2025-26. The rise in imports of these precious metals has pushed the country's trade deficit (difference between imports and exports) to USD 333.2 billion during 2025-26, the data showed. Prices of the yellow metal are hovering around Rs 1,56,000 per 10 grams (inclusive of all taxes) in the national capital. Silver was priced at around Rs 2.53 lakh per Kg. Higher "gold import is driven by the rise in prices from USD ..

Without fresh imports, India could face supply shortages, as the ​world's second-largest gold consumer and biggest silver buyer relies on overseas purchases to meet nearly all its demand

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

The government on Tuesday extended the validity of licences issued for gold import at quota-based duty concession under a free trade pact with the UAE till June 3 amid the West Asian crisis. Under the India-UAE comprehensive economic partnership agreement (CEPA), India has granted quota-based duty concessions on gold imports under the tariff rate quota (TRQ). "In view of the prevailing geopolitical developments affecting global trade and logistics, and with a view to facilitating importers, the Director General of Foreign Trade, hereby extends the validity of TRQ Authorisations issued in the financial year 2025-26, for import of Gold, issued under the India-UAE CEPA, from the existing validity of March 31, 2026 up to June 30, 2026," a government public notice said. The pact came into force in 2022.

The challenge is not reversal but recalibration: India must redesign its external strategy even as domestic engines stay strong

India's current account deficit narrowed sharply in Q2FY26 on lower trade gaps and strong remittances. But a spike in gold imports in October could push the Q3 deficit above 2.5 per cent of GDP

The desk will mainly target Indian jewellers and extend services to scrap and recycling businesses, Greg Kallinikos, chief executive for Asia Pacific, said in an interview

Exports in Oct saw sharpest decline in 14 months

The country's gold imports surged about threefold to hit a record high of USD 14.72 billion in October, mainly due to higher festival and wedding demand, according to commerce ministry data. Gold imports stood at USD 4.92 billion in October 2024. Cumulatively, imports during April-October this fiscal year rose 21.44 per cent to USD 41.23 billion from USD 34 billion a year ago. High gold imports have pushed the country's trade deficit (difference between imports and exports) to a record high of USD 41.68 billion in October. Prices of the yellow metal are hovering around Rs 1.29 lakh per 10 grams in the national capital. Commenting on the data, Commerce Secretary Rajesh Agrawal said the increase in imports could be attributed to festival demand. 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.

Gem and Jewellery Export Promotion Council says step will balance trade deficit with the US