Gold Smuggling in India Increased by 6x in 2013 - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Gold Smuggling in India Increased by 6x in 2013

blog | Published On by
Gold Smuggling in India Increased by 6x in 2013
gold-smuggling-jet-india

The Indian government recently released a report that gold smuggling increased by six times in the last fiscal year, which ended March 31.

For FY 2012, there were 871 seizures, worth R99 crore. (approximately $16.5 million, ) For FY 2013, there were 1757 seizures, worth R564.8 crore (approximately $94 million.)

Customs officials estimate that only 10% of smugglers are actually caught, which would mean that about $845 million of gold was successfully smuggled into India last year.

Most of the smugglers buy their gold in Dubai, where prices are cheaper (Gold is $100/oz more expensive in India). Many Indians work in Dubai and come home on holidays, so there are many flights at all times of the day between the two nations.  Overland routes through Bangladesh and Pakistan have also become popular, and rumors say that gold smuggling into India from Nepal is controlled by Chinese organized crime. One other route is by boat from Sri Lanka. Gold is more easily imported there, and small boats will land on the coast of India under cover of darkness.

 

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.