UAE gold imports surge 5x to $16.5B as CEPA duty edge reshapes India's bullion sourcing
Gold inflows from UAE jumped from $2.9B in 2022 to $16.5B in 2025 under the India-UAE CEPA, lifting Dubai's share to 28% from 7.9%. A 2024 duty cut to 6% and 1-point tariff edge are pressuring jewellery retail sourcing economics, with quotas set to scale to 200 tonnes by 2027.
Gold imports from UAE under India-UAE CEPA surged from $2.9B in 2022 to $16.5B in 2025, with Dubai's share rising to 28%. The 1-point tariff advantage and 2024 duty cut to 6% are pressuring India's bullion trade balance, impacting jewelry retail sourcing.