Gold prices may have crashed globally but gold smuggling in India has jumped to 50 tonnes from 3 tonnes in a year as 15% import duty widens the price gap; demand remains 29% lower year-on-year

According to a World Gold Council report, gold smuggling is estimated to have climbed to around 50 tonnes in the September quarter, compared with just three tonnes in the same period a year earlier. The surge highlights how higher import costs have had unintended consequences for the market.