New Delhi, Sept. 25 -- India's reported gold imports have declined sharply since May 2026 following an increase in import duties, according to Kotak Institutional Equities.

In a September 23 strategy report, Kotak said the decline in official gold imports could be due to three factors: lower household demand after the duty increase, consumers postponing purchases in anticipation of a possible duty cut, or a shift towards unofficial import channels,The business standard reported.

Gold imports during the first five months of FY27 stood at USD 17.5 billion, compared with USD 16.9 billion in the corresponding period of FY26. Kotak has estimated FY27 gold imports at USD 88 billion, against USD 72 billion in FY26.

Gold import duties were inc...