Bloomberg: Gold smuggling to India rises 16 times due to taxes Illegal gold imports to India exceeded 50 tons in the third quarter of 2026, compared to 3 tons a year earlier. Growth was more than 1,500%, Bloomberg reports, citing the World Gold Council (WGC). The reason was the increase in import taxes on gold and silver by more than doubling - to 15%. The authorities hoped to reduce purchases of precious metals and contain the growing trade deficit. India remains the world's second largest consumer of gold and is almost entirely dependent on imports. The metal is widely used for jewelry, wedding gifts and family savings.