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India Turning a Blind Eye to Smuggled Gold
New report reveals India to be one of the largest gold smuggling hubs in the world.
As a result, gold that is tied to conflict, human rights abuses, and corruption in Africa and South America is entering legal international markets through India.
In its latest report, A Golden Web: How India Became One of the World’s Largest Gold Smuggling Hubs, IMPACT uncovers how India imports approximately 1,000 tons of gold per year—a quarter more than official figures indicate. Some enters as legal imports thanks to falsified paperwork.
“Actors across India’s gold industry are failing to do proper checks on where gold comes from to ensure it’s not financing conflict and human rights violations,” according to Joanne Lebert, IMPACT’s Executive Director. “With its role as a leading global gold manufacturing centre, India must take action to address the weaknesses in its gold supply chain.”
IMPACT’s research reveals that one third of the world’s gold passes through India, the heart of the world’s gold manufacturing sector. With its gold jewellery exports on the rise, India has become one of the world’s leading trading hubs—with illicit gold entering country, being transformed into goods, and leaving for international markets, including North America.
The report identifies three primary factors which allow a problem of this magnitude:
Tax breaks: To boost India’s refinery sector, the government introduced tax breaks in 2013 for gold doré –also known as unrefined gold. This has led to traders covering up questionable provenance claims by falsifying documentation of gold doré to take advantage of lower taxes. Gold doré imports shot from 23 tons in 2012 to over 229 tons in 2015 as a result of these tax breaks.
Falsified origin documents: Gold doré imports have spiked, with the majority coming from producing countries that lack strong internal controls or are linked to supply chains with weak evidence of due diligence. Analysis of trade data reveals more declared gold imports to India than some countries are capable of producing, such as in the Dominican Republic and Tanzania, as well as instances of paperwork fraud like in Ghana. In the case of the Dominican Republic, as much as 100.63 tons of gold doré imported to India between 2014 and 2017 cannot be accounted for in the country’s gold production.
Complicit allies: Refined gold is being smuggled into India primarily from the United Arab Emirates, while key traders and refiners in Africa’s Great Lakes region with links to India have been identified as being part of the illicit gold trade.
To tackle the problem, IMPACT calls on India to take immediate steps to:
- Harmonize its taxes, including between doré and refined gold to discourage smuggling; and
- Enhance regulatory controls at the border to require additional, valid information for all imports of all artisanal gold.
“India is at the heart of a web of the illicit trade of gold, with threads spanning the globe and almost certainly financing conflict and corruption. Authorities must take action to remove incentives for gold smuggling and ensure the gold industry implements due diligence. Anyone buying India’s gold jewellery should be asking questions about where that gold comes from to have confidence in their supply chain,” adds Lebert.
IMPACT also calls on actors across India’s gold industry to implement due diligence on their gold supply chains. Gold traders, refiners, and jewellers have a responsibility to understand, mitigate, and publically report on any risks in their supply chain—all the way back to the mine site.
The South West Guild of Online Publishers (SWEGOP) has congratulated Dr. Abisoye Fagade on his recent appointment as the Director General of the Nigerian Institute of Hospitality and Tourism (NIHOTOUR).
Fagade, a distinguished professional in marketing communications, is the Chairman of Sodium Group and a philanthropist known for his commitment to community development. Over the years, his expertise and contributions have earned him accolades across various industries, particularly in marketing and communications.
In a congratulatory statement signed by the Guild’s Chairman, Mr. Olayinka Agboola, SWEGOP commended Fagade’s leadership qualities, describing him as a “charismatic and insightful leader” whose appointment heralds a new era for Nigeria’s tourism and hospitality sectors.
“We are confident in your capacity to inspire transformation and growth within the tourism sector,” the statement read.
“Your wealth of experience and dedication to service are assets we believe will bring about meaningful impact.”
SWEGOP also conveyed its best wishes to him offering prayers for divine guidance in his new role.
“We trust that your leadership will pave the way for substantial advancements, enriching both the sector and the nation at large,” the Guild added.
The lawmaker representing Ibarapa East/Ido Federal Constituency of Oyo State, Engr. Aderemi Oseni, on Thursday, donated the sum of fifty million naira (₦50 million) toward the construction of the proposed Sheikh Agbotomokekere Mosque building project.
Oseni joined other dignitaries, religious leaders, and Muslim clerics to honour the Chief Imam of Ibadanland, Grand Imam of Oyo State, and Grand Patron of the League of Imams and Alfas of Yorubaland, Edo, and Delta States, His Eminence Sheikh AbdulGaniy Abubakre Agbotomokekere, during the annual Maolud Nabiyy celebration at the Ibadan Central Mosque, Oja Oba.
It was during the event that he announced the generous donation.
The Maolud Nabiyy celebration, organised by the Al-Imam Agbotomokekere Islamic Foundation, also featured the unveiling of the proposed mosque project and an award presentation ceremony.
Delivering an insightful lecture at the event, the Chief Imam of Ogbomosoland, Dr. Yunus Tolhat Ayilara, who served as the Guest Lecturer, highlighted the importance of perseverance in the face of challenges.
In a statement issued on Friday by his media aide, Idowu Ayodele, the lawmaker, who also chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), reaffirmed his commitment to supporting initiatives that strengthen the spiritual and social development of his constituency and state.
He commended the Al-Imam Agbotomokekere Islamic Foundation for its dedication to fostering a sense of community through faith, education, and shared values.
According to him, the mosque project symbolises unity and the determination of the people.
Reflecting on the significance of the proposed Agbotomokekere Mosque, the APC chieftain described it as a beacon of unity and religious harmony.
“This mosque project reflects our shared values and our commitment to building a community grounded in faith, love, and unity. I am honoured to contribute to this vision and support the Agbotomokekere Foundation in its efforts to promote peace and spiritual growth,” Oseni stated.
The Nigeria Customs Service (NCS) has announced a record revenue collection of N5.7 trillion as of November 12, 2024, surpassing its yearly target by 10 percent.
This was disclosed by the Comptroller-General of Customs, Adewale Adeniyi, at the ongoing 2024 Comptroller-General of Customs Conference in Abuja.
Themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” the conference showcased the Customs Service’s progress in modernizing its operations and fostering collaborative partnerships.
“Today, I stand before you to demonstrate how our commitments in 2023 have evolved into tangible achievements,” Adeniyi stated.
He attributed the revenue growth to a series of reforms, including the implementation of a one-stop solution for cargo alerts, a revamped ICT infrastructure, streamlined inspection procedures, and enhanced automation.
Adeniyi explained that these changes reflect the agency’s commitment to elevating operational transparency and efficiency.
“We pledged to re-align our free trade operations, elevate cargo integrity standards, and expand our scanning capacities,” he said.
“Above all, we promised to usher in a new era of customs operations—one built on transparency, efficiency, and genuine collaborations with our partners.”
As of Tuesday, November 12, Adeniyi confirmed that the NCS collected N5.07 trillion, achieving the anticipated 10 percent revenue surplus.
“This performance validates our partnership-driven approach to revenue collection and trade facilitation,” he added.
Adeniyi also highlighted recent strides in trade facilitation, revealing that six companies have been selected to benefit from the Authorised Economic Operators programme, which provides fast-tracked customs clearance and other trade facilitation benefits.
Similarly, the NCS has processed 21 requests under an advance ruling programme, designed to expedite customs decisions on import and export cargoes before they reach Nigerian ports.
The Comptroller-General expressed optimism about the NCS’s potential to drive further economic growth, citing the agency’s commitment to fostering partnerships and advancing innovative practices within the customs sector.
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