Key Highlights:

• A detailed overview of the top gold importers in India and gold imports by country, along with exporters.

• Total gold imports into India amounted to ₹ 87,433,691,519 from June 2024 to July 25.

• The HS code for gold is 7108.

• The top gold exporting countries for India are the United Arab Emirates, the US, Singapore, Hong Kong, the UK, and France.

Gold in India is perceived as a major jewellery item on special occasions. It is also regarded as a reliable long-term investment and a shield against inflation. Thus, the demand for gold imports is high in India. The domestic production of gold isn't sufficient to fulfill the needs of the nation.

India is one of the biggest exporters of gold globally. Besides using the gold to support the domestic needs, it is reshipped in the form of finished goods. India is known for gold jewellery patterns globally. India exported $15,001,743,335 worth of gold during June 2024-July 25. Top importers of gold jewellery from India include the United Arab Emirates, the US, Singapore, Hong Kong, the UK, France, etc. India is also known as one of the top gold-importing countries.

Why Do Banks Import Huge Quantities Of Gold?

Ever wondered why banks import gold, while they are not sellers of gold jewellery? Banks import gold for varied requirements like providing it to jewellers, selling it directly to customers, and for gold investors. Banks import major gold to ensure gold availability in the market, which works, a major catalyst for gold-backed loans. Additionally, the second major portion of gold imports is used as gold reserves that act as an economic shield. These gold reserves are also used for securing international loans during national emergencies.

Top 5 Companies Engaged in Gold Import in India

 

1. Brinks India Private Limited

Brinks India Private Limited is a secure logistics medium that imports various forms of gold for its clients. Its clients are mainly jewellers. As per India import data, India imports majorly from the UAE. Brinks India ranked first for gold import, contributing to 14.39% of total imports during 2024-25 in India.

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2. HDFC Bank Limited

HDFC imports huge quantities of gold for investment, trading, and gold reserves. It also sells the imported gold to its customers in the form of gold coins and bullion. As per India import data, HDFC Bank contributed to 12.71% of the total gold import during 2024-25.

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3. MMTC Pamp India Private Limited

MMTC Pamp is India's only LMBA (London Bullion Market Association) accredited gold refinery known for its exceptional and pure form of gold. After gold import, it refines and reships it to retailers and bullion traders. As per India import data, MMTC ranks third in the top five importers by contributing 12.36% of the total gold import of India in 2024-25.

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4. Sequel Logistics Private Limited

Sequel is a secured logistics partner in gold import. It transports gold to refineries and further to jewellers and traders in the form of bars, coins, and jewellery. It is among the major importers, by contributing 8.98% of the total gold import during 2024-25.

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5. ICICI Bank Limited

ICICI is among the major importers of gold. It imports gold to sell it to jewellers, for investment and trading purposes. It imports gold in purest form from the LMBA (London Bullion Market Association) accredited and sells it to its customers, easing gold manufacturing and trading in India. It secured a place in the top 5 gold-importing companies by contributing 8.76% from June 2024 to July 2025.

 

Who are the biggest gold exporters for India?

• MKS PAMP SA

• IIBX As per Extinguishment Summary

• Vintage Bullion DMCC

• Peekay Intermark Limited DMCC

• Stonex Financial Limited
   

In a Nutshell

Gold is one of the world's most stable markets. Factors contributing to India's high demand for gold imports include traditional importance, investment objectives, low production, and the country's status as a major jewellery exporter.
India, being one of the major exporters, reships the finished gold as jewellery globally. Are you interested in buying gold variants or exporting gold jewellery? Our app provides real-time market trends. Schedule a demonstration of the Ex-Im app today. 

 

Frequently Asked Questions (FAQs)

1. How can I import gold?
Only RBI-authorized agencies and banks can import gold. Before the metal can be imported into India, it must be properly licensed and cleared by customs. Once authorized, you can use the Ex-Im platform to reach out to global importers.
 
2. Who is the biggest gold importer in India?
The biggest importer in 2024-25 is Brinks India Private Limited.The largest share of gold imports in India is handled by authorised banks and agencies like MMTC. These institutions are permitted by the government to carry out bulk imports.

3. What is the duty on gold imports?
Gold brought into India carries an import charge of roughly 15%. This rate is enforced by the government to reduce demand and the country’s trade deficit.

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