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Gold smuggling into India soars before Diwali due to record prices and high profits, despite lower import taxes.
Gold smuggling into India has surged ahead of Diwali and Dhanteras due to record prices, reaching 128,395 rupees per 10 grams, a 67% annual increase, fueling demand and profit incentives.
Despite a reduced import tax of 6%, smugglers are exploiting tight legal supply and high margins, earning over 1.15 million rupees per kilogram by avoiding duties and taxes.
Authorities report increased seizures at airports, with smuggling activity rising despite prior declines, driven by cultural festival demand and a supply shortage.
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El contrabando de oro a la India se dispara antes de Diwali debido a los precios récord y las altas ganancias, a pesar de los impuestos de importación más bajos.