WGC: India's Illegal Gold Imports Surge Over 1,500% in Third Quarter

India's illegal gold imports rose more than 1,500% year on year to approximately 50 tonnes in the third quarter of 2026, their highest level since 2023, according to a World Gold Council (WGC) report. The increase came as higher gold import duties and elevated gold prices weighed on jewellery sales through formal channels.

The figures point to a shift in how gold is entering the market: while formal jewellery sales have been restrained, illegal imports have increased sharply. Higher import duties can widen the cost difference between formal and illegal supply, potentially making the latter more attractive when gold prices are already high.

For the gold supply chain, the immediate question is whether this shift persists and further affects formal import and jewellery sales channels. The reported increase signals pressure on established trade routes, but it does not by itself establish a lasting change in global trade patterns. That will depend on how import activity, prices and sales develop.