India gold import statistics: Q1 2026 overview
- India imports gold from which countries in Q1 2026? The UAE led at US$3.46 billion (20.52%), followed by Switzerland (US$2.90 billion, 17.20%) and the United Kingdom (US$2.21 billion, 13.13%), drawn from TradeInt's HS 7108 dataset.
- Gold is India's second-largest import after crude oil, with the country spending about US$72 billion on gold imports in FY26, according to Tata Mutual Fund, as reported by Business Today.
- African and Latin American dore origins are rising fast, with Ghana (US$1.88 billion, 11.16%), Peru (US$1.68 billion, 9.95%), and Chile (US$1.08 billion, 6.39%) supplying India's domestic refining capacity directly.
India imports gold from which countries?
India imported gold worth over US$16.84 billion during Q1 2026, from TradeInt's HS 7108 customs records. The UAE led at US$3.46 billion, followed by Switzerland at US$2.90 billion and the United Kingdom at US$2.21 billion.
Beyond the bullion centres, mining-origin gold dore is reshaping the lower ranks in India. Ghana, Peru, Chile, and Argentina supply unrefined gold straight to Indian refiners, while Singapore, Saudi Arabia, and Australia round out the India gold import by country list, captured in TradeInt's India customs and Bill of Lading dataset.
Where does India import gold from? Top 5 countries of origin in Q1 2026:
- United Arab Emirates, US$3.46 billion (20.52%): The dominant transshipment hub feeding India's jewellery manufacturing under the CEPA trade framework.
- Switzerland, US$2.90 billion (17.20%): The premier source of high-purity refined bullion bars favoured by institutional banks.
- United Kingdom, US$2.21 billion (13.13%): London's institutional liquidity centre supplies Good Delivery bars to Indian wholesale markets.
- Ghana, US$1.88 billion (11.16%): The leading African mining origin exporting unrefined gold dore to Indian refineries.
- Peru, US$1.68 billion (9.95%): A key Latin American source supplying gold dore volumes to Indian precious metal refiners.
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Top 1: UAE at US$3.46 billion - India's largest gold supplier
Among the top 5 verified gold suppliers in the UAE to India on TradeInt, StoneX Financial Ltd led with 27.55% share, followed by Vintage Bullion DMCC (16.01%) and Peekay Intermark Limited (12.36%). Lastly, Emirates NBD and Al Etihad Gold FZCO completed the top five, covering bank-led and refinery-origin bullion flows.
Who are the UAE's gold suppliers to India in 2026?
- StoneX Financial Ltd: 27.55% share. A global institutional financial services firm executing large-scale precious metal physical clearing.
- Vintage Bullion DMCC: 16.01% share. A Dubai-based merchant trading physical bullion across Middle Eastern corridors.
- Peekay Intermark Limited: 12.36% share. An international trading enterprise coordinating wholesale physical gold supply into India.
- Emirates NBD: 5.30% share. A leading UAE banking entity providing structured trade finance and bullion desk clearing.
- Al Etihad Gold FZCO: 5.27% share. A Dubai refinery processing internationally accredited precious metal bars.
According to Reuters, India extended its UAE gold import authorizations to June 30, 2026, keeping the concessional sourcing window open under the India-UAE CEPA framework.
The CEPA arrangement set a defined annual volume. In fact, the Indian government notified 160 tonnes of gold imports from the UAE at a concessional rate this fiscal year under the trade pact, anchoring the UAE's position as India's top gold origin.
Why the UAE leads India's gold sourcing:
- CEPA volume window: The notified 160-tonne concessional allocation gives UAE-routed gold a structural cost advantage that other origins do not match.
- Transshipment role: Dubai aggregates bullion from multiple producing regions and re-exports to India, making the UAE a consolidation hub rather than a pure producer.
- Jewellery feedstock: UAE-origin gold feeds India's jewellery manufacturing base directly, aligning with consumer demand cycles around weddings and festivals.
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🏆 UAE is the #1 Gold Supplier in the Middle East, according to TradeInt's Analysis
Gold and precious metals (HS 7108) reached US$17.49 billion in Middle East exports in 2025, led by the UAE, Turkey, and Saudi Arabia, driven by regional refining hubs and international bullion trade.
Read more: Middle East top exports in 2025
Top 2: Switzerland at US$2.9 billion
Switzerland shipped US$2.9 billion of gold to India in Q1 2026, led by international banks like JP Morgan Chase Bank N A, which held 31.98% share, then Citibank N A (26.31%) and Australia and New Zealand Banking Group (13.17%), from TradeInt's verified suppliers list.
Who are Switzerland's gold suppliers to India in 2026?
- JP Morgan Chase Bank N A: 31.98% share. A multinational investment bank anchoring institutional bullion trading and global market liquidity.
- Citibank N A: 26.31% share. A global banking institution offering financing, credit, and custody for wholesale bullion shipments.
- Australia and New Zealand Banking Group: 13.17% share. A financial corporation orchestrating Asia-Pacific mining resources credit lines and gold flows.
- ANZ Banking Group Ltd: 3.74% share. A regional banking subdivision executing tailored physical bullion trading and allocation.
- UBS Switzerland AG: 3.30% share. A Swiss banking giant managing elite wealth assets and European institutional bullion operations.
Swiss gold exports dropped by 15% MoM in November 2025, with shipments to India plunging, as high prices curbed 65%, near-term Indian demand for refined bullion bars.
Switzerland remains a core gold source for India. According to the World Gold Council, India imported 640 tonnes of gold in 2025, largely as high-purity Swiss bars that institutional banks favour for wholesale settlement, a role that holds even when short-term price swings slow shipment volumes.
What impacts Switzerland-India's gold trade:
- Bank-led, not merchant-led: Unlike the UAE's trader mix, over 70% of Switzerland's lane runs through global banks (JP Morgan, Citibank, UBS).
- Refined bar specialty: Swiss refineries supply high-purity Good Delivery bars, positioning Switzerland at the premium end of India's gold basket.
- Price-sensitive volumes: Swiss shipments to India fluctuate sharply with global gold prices, as seen in the November 2025 plunge.
Top 3: United Kingdom at US$2.21 billion
The United Kingdom supplied US$2.21 billion of gold to India in Q1 2026, dominated by Citibank N A at 34.45% share, Standard Chartered Bank (28.55%) and HSBC Bank PLC (20.45%), from a verified list of gold suppliers to India on TradeInt's system.
Who are the UK's gold suppliers to India in 2026?
- Citibank N A: 34.45% share. A global banking institution offering financing, credit, and custody for wholesale bullion shipments.
- Standard Chartered Bank: 28.55% share. An emerging markets financial leader dominating precious metals trade finance and delivery into India.
- HSBC Bank PLC: 20.45% share. A global banking corporation coordinating institutional clearings of physical gold through the London vaults.
- JP Morgan Chase Bank N A: 13.62% share. A multinational investment bank anchoring institutional bullion trading and global market liquidity.
- ICBC Standard Bank PLC: 2.92% share. A strategic commodities clearing specialist managing base and precious metals market risk allocation.
On 24th July 2025, India and the UK signed an FTA, paving the way for a US$7 billion gem and jewellery trade boom, deepening the bilateral precious metals corridor between London and Indian wholesale markets.
London's role rests on its position as the global bullion clearing centre. The UK's gold lane to India runs almost entirely through major banks, with Citibank, Standard Chartered, and HSBC, together handling over 83% of the flow, reflecting institutional Good Delivery bar movement rather than mining-origin dore.
Notable insights about the UK-India gold trade market:
- Institutional clearing hub: London vault networks settle physical gold for Indian wholesale buyers, with the lane dominated by global clearing banks.
- FTA tailwind: The India-UK FTA targeting US$7 billion in gem and jewellery trade could expand the gold corridor further through 2026-2027.
- Bank concentration: The top three banks alone cover 83% of UK-origin gold, the highest bank concentration among India's top origins.
Top 4: Ghana at US$1.88 billion
From TradeInt's latest trade data, India imported US$1.88 billion of gold from Ghana in Q1 2026, mainly from HSBC Bank PLC at 38.15% share, Goldbod Ghana Gold Board (24.62%) and Wellgold FZCO (16.94%).
Who are Ghana's gold suppliers to India in 2026?
- HSBC Bank PLC: 38.15% share. A global banking corporation coordinating institutional clearings of physical gold through the London vaults.
- Goldbod Ghana Gold Board: 24.62% share. A sovereign statutory corporation regulating and marketing Ghana's commercial and small-scale gold output.
- Wellgold FZCO: 16.94% share. A free zone enterprise specialising in sourcing and exporting raw gold mineral dore.
- Standard Chartered Bank: 9.1% share. An emerging markets financial leader dominating precious metals trade finance and delivery into India.
- Gold Saddle FZCO: 6% share. A Dubai-registered commodity provider directing localised arbitrage and physical precious metal trade corridors.
Ghana is Africa's largest gold producer and has become a fast-rising dore origin for India. Unlike the UAE, Switzerland, and UK lanes that ship refined bars, Ghana sends largely unrefined gold dore that Indian refineries process domestically, capturing refining margins onshore.
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Top 5: Peru at US$1.68 billion
India imported US$1.68 billion worth of gold from Peru in Q1 2026, with Esteem International Trading FZE supplied at 7.58% share, Rivium Universal FZE (7.25%), and Prostar International FZE (5.94%), powered by TradeInt's HS 7108 verified global suppliers.
Who are Peru's gold suppliers to India in 2026?
- Esteem International Trading FZE: 7.58% share. A maritime merchant clearing high-volume unrefined dore bars for delivery to international refineries.
- Rivium Universal FZE: 7.25% share. A free zone commodity handler executing cross-border trading contracts for raw precious metals.
- Prostar International FZE: 5.94% share. An international trading vehicle managing spot-market procurement of unrefined mineral gold assets.
- Esteem Bullion FZCO: 5.87% share. A Middle Eastern bullion merchant purchases raw dore directly from mining origins for distribution.
- Aurelius International FZCO: 4.73% share. A specialized free zone company arranging international shipping security and bullion logistics.
According to the Economic Times, India-Peru trade talks resumed in New Delhi in January 2026, with both sides working toward a trade agreement that could formalise the growing precious metals corridor.
Peru's gold reaches India mostly as unrefined dore through free-zone merchants rather than producer-direct contracts. This positions Peru, alongside Ghana and Chile, as part of India's mining-origin dore cluster that feeds domestic refining capacity, in contrast to the refined-bar flows from European and Gulf hubs.
Peru's role in India's gold import market:
- Free-zone intermediation: Peruvian gold reaches India through FZE and FZCO merchants rather than direct producer contracts.
- Latin American dore cluster: Together with Chile and Argentina, Peru anchors India's South American raw gold sourcing.
- Trade talks momentum: The January 2026 India-Peru talks could formalise and expand this corridor throughout the year.
How does the Indian gold market perform in 2026?
Gold is India's second-largest import after crude oil. According to Business Today citing Tata Mutual Fund, India targets to spend about US$72 billion on gold imports in FY26. Alongside consumer demand, the RBI lifted gold reserves to around 880 tonnes by 2025, with gold's share of India's foreign exchange reserves climbing from 8.4% in July 2024 to 16.2% by January 2026.
Every quarter, TradeInt's market trade insight shows Indian gold import value peaked at US$26.87 billion in Q3 2025 on festive-season demand before easing to US$21.49 billion in Q4. The Q1 2026 partial snapshot stands at US$16.84 billion (January-February only), with buyers stepping back at high prices but re-entering the market on corrections in June 2026.
India gold imports Quarter-to-Quarter value records:
- Q1 2025: US$7.15 billion. The lowest quarter of the period, reflecting subdued early-year buying.
- Q2 2025: US$8.34 billion. A modest pickup heading into the mid-year demand window.
- Q3 2025: US$26.87 billion. The peak quarter was driven by festive-season restocking and strong investment demand.
- Q4 2025: US$21.49 billion. High volumes sustained through the wedding season despite the sequential dip.
- Q1 2026*: US$16.84 billion. Within 2 months at the beginning of 2026, the value has nearly grown to equal the Q3 2025 value.
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Conclusion
India imported US$16.84 billion in gold in Q1 2026 (January-February data), with the UAE leading at US$3.46 billion, followed by Switzerland (US$2.90 billion) and the UK (US$2.21 billion). Mining-origin dore from Ghana, Peru, and Chile is reshaping the lower ranks as India expands domestic refining capacity alongside refined bullion imports from established financial hubs.
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Frequently asked questions
How much gold does India import?
India spent about US$72 billion on gold imports in FY26, making it the country's second-largest import after crude oil, according to Business Today, citing Tata Mutual Fund. Every quarter, TradeInt's records show India's gold import value peaked at US$26.87 billion in Q3 2025, with partial Q1 2026 data (January-February only) at US$16.84 billion.
Where does India import its gold from?
As shown by TradeInt's HS 7108 dataset, India sources gold from over 10 countries. The UAE leads at US$3.46 billion (20.52%) in Q1 2026, followed by Switzerland (US$2.90 billion, 17.20%) and the UK (US$2.21 billion, 13.13%). Mining-origin sources like Ghana, Peru, and Chile supply unrefined gold dore, while financial hubs (UAE, Switzerland, UK) ship refined bullion bars.
Who is the biggest importer of gold in India?
At the company level, StoneX Financial Ltd is the largest single Indian gold supplier intermediary, handling 27.55% of UAE-origin gold flows into India in Q1 2026, from TradeInt's records. On the buyer side, gold is imported primarily by bullion banks and jewellery manufacturers rather than a single dominant entity.
