Gold Seizures Decline as Imports Surge: A 2024 Overview
In 2024-25, gold seizures in India dropped significantly to 2,600 kg in 3,005 cases, compared to 4,972 kg in 6,599 cases the previous year. Gold imports increased in value to USD 58 billion, with Switzerland and the UAE as the largest sources. This highlights a shift in gold dynamics.
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Gold seizures by enforcement agencies in India dramatically plummeted in the fiscal year 2024-25, marking the lowest level in recent years, with only 2,600 kg seized in 3,005 cases. This was a stark contrast to the previous year's record high of 4,972 kg intercepted across 6,599 smuggling instances.
Minister of State for Finance Pankaj Chaudhary, addressing a parliamentary query, provided a decade-long overview of gold importation and seizure trends. Notably, FY23 marked 4,343 kg of seizures, while FY22 and FY21 saw 2,172 kg and 1,944 kg, respectively. As gold seizures dropped, the import value escalated, reaching USD 58 billion in 2024, up from USD 42.58 billion in 2023.
Switzerland and the United Arab Emirates emerged as leading exporters to India in 2024. Switzerland contributed USD 21.49 billion worth of gold, and the UAE USD 12.93 billion. South Africa and Peru also stood out with significant export figures of USD 5.21 billion and USD 4.37 billion, respectively.
(With inputs from agencies.)
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