Live Updates > Live Update Details
2026-11-03 14:24:27
[India's Increased Gold Import Tariffs Boost Informal Imports; Illegal Gold Imports Reach Highest Level Since 2023 in Q3] (1) A World Gold Council report shows that, driven by the Indian government's increase in import tariffs, informal import activities have increased significantly, with the country's illegal gold imports reaching their highest level since 2023 in the third quarter. (2) The World Gold Council, citing data from consulting firm Metals Focus, points out that from July to September, India's informal gold imports increased more than 15 times year-on-year, from 3 tons in the same period last year to 50 tons. (3) The report does not detail how these trade activities are tracked; such imports are often carried out through channels that evade official tariffs, such as smuggling, or by individuals carrying small amounts of gold into the country in batches. (4) The World Gold Council notes that past experience shows that raising import taxes often "increases" the incentive to import gold through such channels. (5) Previously, the Indian government more than doubled the import tax on gold and silver to 15% in an effort to curb gold demand in response to the widening trade deficit caused by rising energy prices; as the world’s second-largest gold consumer, India’s informal gold trading market has remained active since then.
