India plans to purchase up to 160 tons of gold in the United Arab Emirates in the current fiscal year at a preferential rate of 1%. This is provided for by the tariff quota (TRQ) under the Comprehensive Economic Partnership Agreement between the two countries, which entered into force in May 2022. According to the agreement, India can purchase 200 tons of gold from the UAE annually. Last financial year, gold imports from the UAE to India increased by an impressive 147.6%, reaching 140 tons at a total cost of $7.6 billion. Overall, India's gold imports increased by 30% last year, amounting to $45.54 billion. Despite this, in the current financial year, due to global economic uncertainty, Indian gold purchases in the first months decreased by 4.23% to $12.64 billion. To increase imports, the authorities reduced the customs duty on gold and silver to 6% from the planned 15%. Switzerland remains the largest supplier of gold to India, accounting for about 40% of total purchases. It is followed by the UAE (over 16%) and South Africa (about 10%). India buys up to 900 tons of gold annually on the world market, which is more than 5% of its total imports.
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