Imports & ExportsStart exporting

Raw materials

Import gold

Restricted: only nominated agencies, banks and IFSCA-qualified jewellers can import. 5% BCD + 1% AIDC, 3% IGST.

Restricted — authorisation neededHS 7108
Basic customs duty
5%
5%
Social welfare surcharge
Nil (exempt)
IGST
3%
3%
India’s imports, 2025-26
US$ 72 bn
from 37 countries

S. No. 196 of notification 45/2025-Customs sets 5% BCD on goods of 7108 (the tariff rate is higher); gold dore with up to 95% gold has its own 5% entry (S. No. 192) with conditions, valid until 31 Mar 2027 after 2/2026-Customs. Gold is outside the Social Welfare Surcharge. IGST on gold is 3% (Schedule IV, notification 9/2025-Integrated Tax (Rate)). The India–UAE CEPA gives a lower rate on a fixed tariff-rate quota of UAE gold allotted by DGFT. Confirm the full duty on ICEGATE on the day of import, because gold rates change often. AIDC 1% (notification 11/2021-Customs as amended in July 2024; it was 2.5% as first issued), making the customs duty about 6% before IGST. CBIC — Notification 45/2025-Customs (effective duty rates), 24 Oct 2025, as amended ↗

What is imported

Gold is India’s second-largest import after crude oil. Imports under 7108 were about US$ 72 billion in FY 2025-26, up from US$ 58 billion (TradeStat). Switzerland supplied 28% and the UAE 21%, followed by Peru, Ghana, South Africa and Hong Kong. A small jeweller does not import directly; it buys from banks, nominated agencies or through the India International Bullion Exchange (IIBX) at GIFT City.

Import policy · Restricted — authorisation needed

Restricted under ITC(HS) Chapter 71: import is allowed only through nominated agencies notified by RBI (banks) or DGFT (other agencies), and by qualified jewellers notified by IFSCA through IIBX for specified codes. Confirm the condition for your 8-digit code on DGFT.

Licences and registrations you need

  • RBI / DGFT (nominated agencies)Only banks authorised by RBI and agencies nominated by DGFT (such as public sector trading companies and Star/Premier trading houses where notified) may import gold for the domestic market.rbi.org.in ↗
  • IFSCA (qualified jewellers on IIBX)Jewellers that meet IFSCA’s criteria can register as qualified jewellers and import gold through the India International Bullion Exchange.ifsca.gov.in ↗

What is checked at the port

  • Customs checks that the importer is a nominated agency, bank or qualified jeweller, and weighs and assays the gold.
  • Duty is charged on the tariff value of gold notified by CBIC every fortnight, not just the invoice.
  • For dore bars, the refinery licence and end-use conditions are checked.

Practical tips

  • A small jeweller should buy from a bank or nominated agency, or explore qualified-jeweller status on IIBX if volumes are large.
  • Exporters of jewellery can get gold duty-free under the gold export schemes of the Foreign Trade Policy; ask your bank.

Where new importers go wrong

  • Trying to import gold as an ordinary IEC holder — the bill of entry will be rejected.
  • Undervaluation or misdeclaration of gold content — treated as smuggling, with confiscation and prosecution.
Sources (9)
  1. CBIC — Notification 45/2025-Customs (effective duty rates), 24 Oct 2025, as amended
  2. Notification 2/2026-Customs (Budget amendments to 45/2025-Customs), 1 Feb 2026
  3. Notification 11/2021-Customs — Agriculture Infrastructure and Development Cess (as first issued)
  4. CBIC — Notification 9/2025-Integrated Tax (Rate), 17 Sep 2025 (IGST rates from 22 Sep 2025)
  5. DGFT — ITC(HS) import policy (Schedule 1)
  6. Reserve Bank of India — banks nominated to import gold and silver
  7. IFSCA — qualified jewellers and India International Bullion Exchange
  8. Commerce Ministry TradeStat — commodity-wise imports by country (FY 2025-26)
  9. ICEGATE — Customs duty and tariff look-up

Import data

Where India buys gold

India’s imports from the Department of Commerce’s TradeStat, country by country. US$, financial years.

Imports, 2025-26
US$ 72 bn
Change from 2024-25
+24.1%
Supplying countries
37
Biggest supplier
Switzerland
28%
Switzerland: US$ 20.1 bnUnited Arab Emirates: US$ 15.3 bnPeru: US$ 7.92 bnGhana: US$ 6.02 bnSouth Africa: US$ 3.09 bnHong Kong: US$ 2.84 bnUnited States of America: US$ 2.82 bnAustralia: US$ 2.8 bnChile: US$ 1.82 bnSingapore: US$ 1.28 bnSaudi Arabia: US$ 990 mnArgentina: US$ 902 mnSwitzerland: US$ 20.1 bnSwitzerlandUnited Arab Emirates: US$ 15.3 bnUnited Arab EmiratesPeru: US$ 7.92 bnPeruGhana: US$ 6.02 bnGhanaSouth Africa: US$ 3.09 bnSouth AfricaHong Kong: US$ 2.84 bnHong KongUnited States of America: US$ 2.82 bnAustralia: US$ 2.8 bnChile: US$ 1.82 bnSingapore: US$ 1.28 bnSaudi Arabia: US$ 990 mnArgentina: US$ 902 mnIndia
Where India imports gold from — among our 80 countries, 2025-26
2020-21: US$ 34.6 bn35k2020-212021-22: US$ 46.2 bn46k2021-222022-23: US$ 35 bn35k2022-232023-24: US$ 42.6 bn43k2023-242024-25: US$ 58 bn58k2024-252025-26: US$ 72 bn72k2025-26
India’s gold imports · US$ million

Biggest supplying countries

Name2025-26Change
1SwitzerlandUS$ 20.1 bn+10.9%
2United Arab EmiratesUS$ 15.3 bn-9%
3PeruUS$ 7.92 bn+78.5%
4GhanaUS$ 6.02 bn+448.5%
5South AfricaUS$ 3.09 bn-35.2%
6Hong KongUS$ 2.84 bn+31.3%
7United States of AmericaUS$ 2.82 bn+31.8%
8AustraliaUS$ 2.8 bn-17.4%
9ChileUS$ 1.82 bn+2,485.7%
10Dominican RepublicUS$ 1.52 bn+152.6%
11SingaporeUS$ 1.28 bn+153.2%
12BoliviaUS$ 1.25 bn+244.7%

Which sources are growing and shrinking

Growing sources

  1. ChileUS$ 70.3 mn → US$ 1.82 bn+2,485.7%
  2. GhanaUS$ 1.1 bn → US$ 6.02 bn+448.5%
  3. BoliviaUS$ 364 mn → US$ 1.25 bn+244.7%
  4. SingaporeUS$ 504 mn → US$ 1.28 bn+153.2%
  5. Dominican RepublicUS$ 602 mn → US$ 1.52 bn+152.6%
  6. GuineaUS$ 333 mn → US$ 834 mn+150.3%

Shrinking sources

  1. South AfricaUS$ 4.77 bn → US$ 3.09 bn-35.2%
  2. AustraliaUS$ 3.39 bn → US$ 2.8 bn-17.4%

Which forms come in, and at what price

Imports by 8-digit tariff line, 2025-26. Average price = total value ÷ total quantity.

Tariff lineValue 2025-26ChangeQuantityAverage price
Containing 99.5 percent or more by weight of gold7108 12 10US$ 46.9 bn—363 tonnesUS$ 129097.14 per kg
Others-of-other unwrought forms7108 12 90US$ 24.9 bn—356 tonnesUS$ 69878.48 per kg
Containing 99.5 percent or more by weight of gold7108 13 10US$ 238 mn—2.0 tonnesUS$ 117687.75 per kg
Others-of-other semi-manufactured forms7108 13 90US$ 19.4 mn—0.3 tonnesUS$ 70144.40 per kg
Non-monetary powder of gold7108 11 00US$ 30k———

Source: TradeStat — Export Import Data Bank, Department of Commerce · Figures taken 29 October 2026.

More in raw materials

All import guides →