Gold Prices in India: Will New Import Routes Cut Costs?

India Is Changing Its Gold Suppliers. Will Buyers Save Money?

India's gold-import supply chain is shifting.

According to Crisil Intelligence figures reported on 26 October 2026, Switzerland's share of India's bullion imports fell from 42.4% to 21.9% over five fiscal years.

Meanwhile, the UAE's share rose from 10.8% to 16.5%.

India is also developing more domestic refining capacity and importing semi-refined gold from a wider range of countries.

One reason is economics.

Eligible UAE gold shipments can receive preferential tariff treatment, while domestic refiners may benefit from a duty differential on imported gold doré.

But that raises an important question.

If sourcing and refining become more cost-efficient, should Indian consumers expect to pay less for gold?

Wholesale savings do not automatically translate into lower retail prices.

Gold buyers still face international price movements, currency fluctuations, taxes, making charges and retailer margins.

We would like to discuss three questions.

1. Do you believe India's growing domestic refining capacity will create meaningful benefits for jewellery buyers, or will most gains remain within the industry?

2. When purchasing gold, what matters most to you: the quoted gold rate, purity, making charges, resale terms or the reputation of the seller?

3. Should policymakers prioritise preferential trade agreements or stronger domestic refining and supply-chain transparency?

We welcome perspectives from consumers, jewellers, investors, refiners and trade professionals.

Please share any relevant evidence, practical experience or alternative interpretation.

Join the discussion below and help explore whether India's changing gold trade is creating genuine value for the people who buy it.