Gold smuggling surges in India ahead of Dhanteras due to record prices
With gold prices in India reaching extraordinarily high levels ahead of Dhanteras — topping ₹1.28 lakh per 10 grams recently — customs and anti-smuggling agencies have reported a surge in gold smuggling activity. Dealers say margins for smugglers now exceed ₹1.15 million per kg by avoiding duties and taxes. The supply crunch, elevated premiums over international prices (up to $25/oz), and festival demand have combined to make illicit imports lucrative. Authorities registered over 3,000 smuggling cases in FY2024-25, seizing 2.6 tonnes of gold. The trend adds pressure to the legal bullion-supply chain ahead of the festive season.
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1 day ago
Gold smuggling surges in India ahead of Dhanteras due to record prices
With gold prices in India reaching extraordinarily high levels ahead of Dhanteras — topping ₹1.28 lakh per 10 grams recently — customs and anti-smuggling agencies have reported a surge in gold smuggling activity. Dealers say margins for smugglers now exceed ₹1.15 million per kg by avoiding duties and taxes. The supply crunch, elevated premiums over international prices (up to $25/oz), and festival demand have combined to make illicit imports lucrative. Authorities registered over 3,000 smuggling cases in FY2024-25, seizing 2.6 tonnes of gold. The trend adds pressure to the legal bullion-supply chain ahead of the festive season.
neutral
Gold smuggling surges in India ahead of Dhanteras due to record prices
1 day ago
1 min read
97 words
Gold smuggling in India has jumped ahead of Dhanteras, as record domestic prices and supply tightness boost illicit flows.
With gold prices in India reaching extraordinarily high levels ahead of Dhanteras — topping ₹1.28 lakh per 10 grams recently — customs and anti-smuggling agencies have reported a surge in gold smuggling activity. Dealers say margins for smugglers now exceed ₹1.15 million per kg by avoiding duties and taxes. The supply crunch, elevated premiums over international prices (up to $25/oz), and festival demand have combined to make illicit imports lucrative. Authorities registered over 3,000 smuggling cases in FY2024-25, seizing 2.6 tonnes of gold. The trend adds pressure to the legal bullion-supply chain ahead of the festive season.
With gold prices in India reaching extraordinarily high levels ahead of Dhanteras — topping ₹1.28 lakh per 10 grams recently — customs and anti-smuggling agencies have reported a surge in gold smuggling activity. Dealers say margins for smugglers now exceed ₹1.15 million per kg by avoiding duties and taxes. The supply crunch, elevated premiums over international prices (up to $25/oz), and festival demand have combined to make illicit imports lucrative. Authorities registered over 3,000 smuggling cases in FY2024-25, seizing 2.6 tonnes of gold. The trend adds pressure to the legal bullion-supply chain ahead of the festive season.