The World Gold Council’s India gold market update of 17 September 2026 estimates India’s gross gold imports in August at 15–20 tonnes. The update puts the discount of domestic prices to import parity, which the World Gold Council defines as the LBMA Gold Price AM adjusted for import tax, at more than 1% in August and at US$78/oz, nearly 2%, on 11 September. The World Gold Council says lower imports may partly reflect lower doré shipments, since doré pays 0.65 percentage points less duty than bullion and the August discount likely made imported doré less attractive to refiners in India. The update names the exchange of old gold for new jewellery and the availability of unofficial supply as factors behind the discount.
India’s standard customs duty on gold bullion has been 15% since 13 May 2026, and the import parity in the update carries that rate. The supply routes the update names reach buyers in India with the following duty and customs record:
| Supply route named in the update | Indian import duty at entry | Customs record at entry |
|---|---|---|
| Bullion imported at the standard rate | 15% | Importer’s bill of entry |
| Doré imported by refiners | 0.65 percentage points below the bullion rate | Refiner’s bill of entry for the doré |
| Old gold exchanged for new jewellery | None at exchange | None; the metal is already in India |
| Unofficial supply | None paid | None; the entry was not declared |
Under section 46 of the Customs Act, 1962, an importer of gold presents a bill of entry, and under section 47 the proper officer permits clearance for home consumption once the duty assessed on that bill of entry has been paid. Section 123 of the same Act applies to gold and manufactures of gold: where such goods are seized in the reasonable belief of smuggling, the burden of proving otherwise lies on the person from whose possession the goods were seized and on any other person claiming to own them.
The discount is an indicative figure calculated by the World Gold Council to 11 September, and the 15–20 tonnes is the World Gold Council’s estimate of gross imports. Duty rates on bullion and doré are set by India’s Ministry of Finance and are unchanged by the update.