India’s Gold Imports from Dubai surge 175% as others fall

Prime Minister Narendra Modi’s appeal to Indians to avoid unnecessary gold purchases comes against the backdrop of a sharp rise in the country’s gold import bill, and a striking surge in shipments from the United Arab Emirates. India’s gold imports rose 47% in April-June, with UAE shipments surging 124.8%. The rise comes amid PM Modi urging Indians to avoid unnecessary gold purchases.

According to an analysis by the Global Trade Research Initiative (GTRI), India’s gold-bar imports rose 47.1 per cent to $11.01 billion in April-June 2026, up from $7.49 billion in the same period last year. The increase occurred even after the government raised the import duty on gold from 6 per cent to 15 per cent on May 13. Higher international gold prices also contributed to the increase in the value of imports.

The impact of PM Modi’s appeal may become clearer in the coming weeks. India’s gold imports could fall around 15 per cent in September following the Prime Minister’s renewed appeal.