The Economic Times

Illegal gold imports surge in India: Smuggled gold selling up to Rs 8,000 cheaper is distorting bullion market & hurting legitimate dealers

Smuggled gold is distorting India's bullion market, impacting legitimate dealers and jewelers. Higher import duties have made the grey market increasingly attractive for gold. Industry estimates suggest over one hundred tonnes could enter India illegally this year. This development occurs while revenue intelligence agencies intensify their crackdown on smuggling. Jewellery council chairman suggests reducing import duties to boost exports.