India’s gold imports surged 47 % to US$11.01 billion in the April‑June 2026 quarter, largely driven by the United Arab Emirates. The rise follows a tariff cut under the FTA and a global spike in gold prices.
- Gold imports from UAE rose 47% in Q2 2026
- FTA cut tariffs from 15% to 14%
- Imports from other countries fell
India’s gold imports jumped 47.1 % to US$11.01 billion in the April‑June 2026 quarter, up from US$7.49 billion a year earlier.
This surge followed the 15 % duty hike on gold announced on 13 May and the global rise in gold prices.
The bulk of the increase came from the United Arab Emirates (UAE), which exported US$649.4 million worth of gold to India – a 175 % rise over June 2025.
In contrast, imports from other countries fell 17.7 % to US$1.32 billion.
During the quarter, UAE’s share of gold imports climbed from 18.7 % to 28.5 %, making it the largest contributor.
Why This Matters
BozokMedia analysis shows that a 1 % tariff advantage can have a substantial impact on high‑margin, high‑value commodities like gold, reshaping the Indian market.
“The 1 % tariff advantage under the FTA translates into tangible cost savings for Indian importers.”
| Country | Gold Import (USD) | YoY % Change |
|---|---|---|
| UAE | 649.4 M | +175.2 % |
| Other Countries | 1.32 B | -17.7 % |
Frequently Asked Questions
Q1: Why is India still importing gold after raising duties?
A1: The FTA’s lower tariff and global price rise are driving imports.
Q2: How does the FTA benefit Indian importers?
A2: The 1 % tariff reduction cuts costs, enabling higher import volumes.
