India’s Tax Hike Drives Illegal Gold Imports to Three-Year High

Illegal gold imports in India reached their highest level since 2023 during the third quarter, according to the World Gold Council. This surge was driven by a government duty hike, which encouraged the use of unofficial channels for imports. Furthermore, the World Gold Council reports that gold demand in India is projected to reach a six-year low by 2026, while the shift toward illegal import methods continues to increase following the tax changes.