Govt Says India-UAE FTA Impact On Gold Imports Negligible, Under 1 Tonne Via Tariff Quota
Commerce Secretary downplays concerns over India-UAE CEPA, noting less than one tonne of gold entered via the tariff quota. UAE inflows have offset declines from Switzerland. April 2026 gold imports rose to $5.63 billion from $3.1 billion a year earlier, driven by higher prices rather than volume increases.
What happened
Government of India · Commerce Secretary says India-UAE FTA has had negligible impact on gold imports, with under one tonne entering via tariff quota. UAE
Key facts
- less than 1 tonne gold under quota
- $5.63 billion April 2026 gold imports
- $3.1 billion April 2025
Why this matters
With UAE channels backfilling Swiss declines under quota and FTA fears overblown, near-term M&A theses on bullion supply chain consolidation should refocus on price-hedging capabilities over tariff arbitrage.