India’s gold and silver imports from the UAE spiked by 210% to $10.7 billion in 2023-24, driven by concessional customs duties under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). The Global Trade Research Initiative highlighted concerns over unsustainable import levels, recommending a potential revision of duty rates to curb arbitrage. Founder Ajay Srivastava proposed lowering tariffs from 15% to 5% to combat smuggling and revenue loss. The report also suggested implementing import quotas and stricter regulations for the India International Bullion Exchange to ensure compliance and mitigate trade imbalances.