Key facts
- The World Gold Council said India's illegal gold imports reached the highest level since 2023 in the third quarter.
- The council attributed the rise to a government duty hike that increased use of unofficial import channels.
- The report as described did not state a tonnage or value for the illegal imports.
India's illegal gold imports rose in the third quarter to the highest level since 2023, the World Gold Council said in a report, linking the increase to a government duty hike that pushed buyers toward unofficial channels. The report as described gave no tonnage or value for the illegal flows.
A separate report published by Hypestreet said India's government raised the effective customs duty on gold and silver from 6% to 15% in mid-May 2026 and cut tax relief on precious metal imports as part of efforts to curb non-essential gold imports and ease pressure on foreign exchange reserves. That report also said China spent $158.8 billion on gold in the first eight months of the year, importing over 1,000 tonnes. Those figures come from a single outlet and were not part of the World Gold Council report.