India gold imports jump 82% to USD 5.62 billion in April as customs duty doubles

Imports hit April highs even as duty surge starts

India’s gold imports surged 81.69% year-on-year to USD 5.62 billion in April, fueled by high global prices and reaching a record value. The commerce ministry data also shows silver imports jumped 157.16% to USD 411 million. But the government raised customs duty on gold and silver from 6% to 15% effective May 13, which officials expect will reduce import volumes later. Despite April’s spike, gold imports in tonnes fell 4.76%.