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India to allow import of 140MT of gold from UAE

Reuters/Chris Helgren
Almost 60 percent of Invesco survey respondents said it had made gold more attractive

The Indian government will allow imports of 140 metric tonnes of gold by local manufacturers and traders from the UAE at a concessional rate under the India-UAE Comprehensive Economic Partnership Agreement (Cepa). 

Gold tariff rate quota (TRQ) will be allocated to old and new applicants, directorate general of foreign trade Santosh Sarangi told Business Today, an Indian fortnightly business magazine.

TRQ allows the import of a set quantity of a product at lower import duty rates than the normal rate applicable.

Under the Cepa, which came into force on May 1, 2022, India can import 140 MT in 2023-24 at one percentage point less than imports from other countries. The current effective gold customs duty in India is 15 percent. 

In May-March 2022-23, only 8.1 MT was imported out of 110 MTs TRQ of gold allocated. 

India’s total gold imports shrank 24 percent in fiscal year 2023 to $35 billion. 

Under the trade deal, the UAE offered immediate zero-duty market access for exporting gold jewellery from India in exchange for TRQ for gold, the news report said. 

The TRQ will rise from 110 MTs in 2023 to 140 MTs in 2024, gradually reaching 200 MT over five years, with a one percent duty concession. 

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