India's gold, silver import from UAE hit record $10.7 Bn
Over the few years, India saw a surge in the gold and silver imports from the United Arab Emirates. The rise in precious metals imports of India was basically due to lower import duty on these items imports from UAE.
India-UAE Comprehensive Economic Partnership Agreement (CEPA) which was established in 2022 allows a duty concession of 1% and 7% on gold and silver shipments from the UAE. Whereas, while importing gold from other countries, India has to pay 15% duty. On the other hand, gold imports from the UAE are taxed at 14%.
Whereas silver imports are taxed at 15% for other countries and for UAE its 8% only. That is why due to lower import duties, India's gold and silver imports saw significant rise over the past few years.
According to the India import export data, the imports of gold and silver from the UAE went up by 210%. This year, it is estimated to be around $10.7 billion. Whereas, India's imports of all other products from the United Arab Emirates was recorded to be $36 billion with a decline of 24%.
Compared to $49 billion imports from the UAE in FY 23, there was a major drop in India's imports. Also, the gold imports were $3.5 billion in FY 2023. Peekay Intermark, Stonex Financial, Brilliance Impex and Forever Jewels were the leading gold export companies from the UAE responsible for maximum shipments this year.
Whereas per India import data, the imports of silver from the UAE were nearly 5,800% up this year. India’s silver imports were only $29 million in 2023 while it surged to 1.7 billion in FY 2024. Stonex Financial, Castolin Eutectic Middle and Jewel & Gems from the United Arab Emirates were the top silver export companies to India this year.
According to India customs data, the overall imports from India were estimated to be $18.8 billion during fiscal year 2024. Mineral fuels, Gold, Marine vehicles, Iron and Steel products were the top imports made by India from the United Arab Emirates. ADNOC Global Trading, Abu Dhabi National Oil Company and Litasco Middle East were the major export companies from the United Arab Emirates responsible for maximum shipments to India.
Whereas per India export data, the exports to the United Arab Emirates stood at around $9.18 billion during fiscal year 2024. Jewellery articles, the most exported items from India, were record $977 million this year. India’s other significant exports were Electrical apparatus, Diamonds, Mineral fuels, Motor cars, and Rice. Mangalore Refinery & Petrochemicals, Saexploration, Malabar Gold and Kiran Gems were the top Indian export companies to the UAE.
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