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Around $11 billion in gold was smuggled into India last year, stashed inside wigs, jeans, shoes
By Lukas I. Alpert
MarketWatch, New York
Tuesday, August 31, 2021
The man arriving at Kannur International Airport in Kerala in southern India caught the attention of customs officials right away.
A quick search of his clothes revealed why -- in between the two stitched-together pairs of jeans he was wearing was a thin layer of gold dust that had been made into a paste and applied like paint to the cloth. In all, the man was carrying some 302 grams of gold in his pants worth about $20,000, authorities said.
... Dispatch continues below ...
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For customs officials in a country that has emerged as one of the biggest gold-smuggling centers in the world, this was a pretty normal day.
In 2020, Indian officials say, they seized $185 million worth of gold being smuggled into the country. But that's a drop in the bucket. Experts estimate that around one-fifth of the 1,000 tons of gold that entered India last year arrived illegally. That's equal to about $11 billion.
The reason is simple: India is one of the largest consumers of gold in the world but isn't even in the top 50 in terms of production. High tariffs on gold imports have resulted in a booming smuggling industry, officials say. ...
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