BUSINESSSCMP CHINA
Gold smugglers ‘make a killing’ in India as grey market outshines hefty tariffs
India's increased gold import tariffs to 15% have led to a surge in smuggling, with estimates exceeding 100 tonnes annually as grey market margins allow smugglers to undercut banks and refiners. Industry officials and bullion dealers report this resurgence, highlighting India's position as the world's second-largest gold market.
Mentioned
Related Signal
Adjacent reporting
- Japan gold exports hit record $25bn, likely include metal once smuggled in
- Gold Dealer’s Owner Said to Seek up to €500 Million in Milan IPO
- India's gold-based lenders see business boost from higher import tariffs
- India hikes bullion import duties as the world's second-largest gold market faces a declining rupee
- Singapore Is Pulling In Dubai Gold as Middle East War Drags On
- Gold Holds Decline as US Inflation Jump Lowers Rate Cut Odds