According to a report by the World Gold Council, India's illegal gold imports soared to the highest level since 2023 in the third quarter due to the government's increase in gold import tariffs. The agency, funded by the gold producer, quoted Metals Focus Consulting as saying that informal channel gold imports surged from 3 tons in the same period last year to 50 tons from July to September, an increase of more than 1,500%. The report did not explain how the relevant data were calculated. This type of import generally flows through channels such as smuggling, personal carrying of small amounts, etc., where official tariffs can be evaded. The World Gold Council added that past experience shows that tax increases often increase the market's motivation to import gold through such channels.

According to a report by the World Gold Council, India's illegal gold imports soared to the highest level since 2023 in the third quarter due to the government's increase in gold import tariffs. The agency, funded by the gold producer, quoted Metals Focus Consulting as saying that informal channel gold imports surged from 3 tons in the same period last year to 50 tons from July to September, an increase of more than 1,500%. The report did not explain how the relevant data were calculated. This type of import generally flows through channels such as smuggling, personal carrying of small amounts, etc., where official tariffs can be evaded. The World Gold Council added that past experience shows that tax increases often increase the market's motivation to import gold through such channels.