Amount of Gold Smuggled into India

in Business Risk, Environmental Threats

According to criminal justice officials, as of March 2014 an estimated 700 kilograms of gold is being smuggled into India every day.

Between March 2013 and March 2014, the rate of gold smuggling to India has increased by nearly 300 percent, according to the Gems and Jewellery Export Promotion Council. Officials state that the smuggling rate is the highest it has been in over two decades.

The high smuggling activities were caused by a rise in the duty of imported gold jewelery. Between March and December 2013, security services seized $41.18 Million (2,500 Million Indian Rupees) worth of gold at airports and entry ports across India. In the previous fiscal year, just 500 Million Rupees worth of gold was seized.

Source:  Shantanu Guha Ray, “Why gold smuggling is on the rise in India,” BBC News, March 13, 2014.

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