Switzerland Tops as the Largest Source of India’s Gold Imports

The central government has informed that in 2024–25, the quantity of gold seized by enforcement agencies in 3,005 cases dropped to less than half, totaling about 2,600 kilograms.

In 2024, the maximum gold imports into India came from Switzerland and the United Arab Emirates (UAE). Minister of State for Finance Pankaj Chaudhary shared in the Lok Sabha a detailed account of gold imports and seizures over the last 10 years.

• In 2023, around 4,343 kilograms of smuggled gold was seized.
• In 2022, the figure stood at 2,172 kilograms, and in 2021, about 1,944 kilograms.

 

From a value perspective, gold imports in 2024 amounted to 58 billion US dollars, which was higher than 42.58 billion US dollars in 2023. In 2022, the imports were valued at 36.59 billion US dollars, while in 2021 they stood at 55.78 billion US dollars.

 

By country-wise value:

• From Switzerland, gold worth 21.49 billion US dollars was imported.
• From the UAE, gold imports were valued at 12.93 billion US dollars.
• Imports from South Africa and Peru were recorded at 5.21 billion US dollars and 4.37 billion US dollars respectively in 2024.