NEW DELHI, OCT 15 (PTI): Gold imports contracted for the second month in a row, falling 81.27% to USD 1.8 billion in September after a sharp rise in customs duty on the precious metal, according to data released by the Commerce Ministry.
Silver imports also dipped for the second consecutive month, falling 49.11% to USD 665.08 million.
The government has increased import duty on precious metals from 6% to 15% effective May 13.
Prime Minister Narendra Modi has also urged people to defer gold purchases amid the West Asia crisis, which has caused large-scale disruptions.
During April-September 2026-27, gold imports fell 27.32% to USD 19.27 billion, while silver imports declined 25.17% to USD 2.4 billion.
Switzerland was the largest source of gold imports, accounting for about 40 per cent, followed by the UAE (over 16%) and South Africa (about 10%).
The precious metal accounts for over 5 per cent of the country’s total imports.
Total imports from Switzerland fell 74.63% to USD 893.2 million in September. India is the world’s second-biggest gold consumer after China. Imports primarily meet demand from the jewellery industry. Imports affect India’s current account deficit (CAD).
Friday, October 16, 2026