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India's gold imports plummeted by 57.75% to USD 2.3 billion in August following a significant hike in customs duty on the precious metal, according to data released by the commerce ministry. Conversely, silver imports jumped by 127% to USD 1.02 billion during the same period. The government raised import duty on precious metals from 6% to 15% effective May 13.

Between April and August 2026-27, gold imports increased by 3.38% to USD 17.47 billion, while silver imports fell by 8.81% to USD 1.74 billion. Switzerland constituted the largest source of gold imports, accounting for approximately 40% of the total, followed by the UAE (over 16%) and South Africa (around 10%). Precious metals constitute over 5% of India's total imports.

Switzerland's gold imports dropped by 45.4% to USD 1.28 billion in August. India ranks as the second-largest consumer of gold globally, after China, with the primary demand stemming from the jewellery sector. The imports play a crucial role in meeting the nation's gold requirements. These imports have implications for India's current account deficit (CAD).