India's gold imports fall sharply to 15 tn in April, says Kitco
This story was originally published at 16:49 IST on 2 May 2026
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MUMBAI – India's gold imports have likely fallen to a 30-year low of around 15 tonnes in April as importing banks were hit by an unexpected tax, Kitco said Friday, quoting industry and government sources. India, the world's second-largest gold consumer, had imported 35 tonnes of gold in April 2025 and averaged about 60 tonnes a month in 2025-26 (Apr-Mar).
Banks, the largest importers of gold, have recently stopped shipments after customs authorities imposed a 3% integrated goods and services tax on the yellow metal's import. Although gold imports used to be exempt from IGST, the customs authorities started imposing the tax following a delay in issuance of a formal order allowing gold imports by banks, according to the Montreal-based precious metals retailer, news portal, and market data provider.
Most of India's refined gold is imported by banks, but they have completely halted shipments since Indian customs deparment began demanding a 3% IGST on the metal, Surendra Mehta, secretary at the India Bullion and Jewellers Association, told Kitco.
Further, a government official said, "Banks did not clear any gold from customs this month." End
Reported by Abhijit Doshi
Edited by Tanima Banerjee
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