India’s gold rush takes a Dubai detour as UAE shipments soar while rest of world imports fall

India experienced a sudden spike in its gold import bill in 2026, predominantly fueled by imports from the UAE. This uptick occurred despite Prime Minister Modi's call for reduced gold buying. As a result, the preferential tariff established by the India-UAE free trade agreement is currently facing scrutiny, prompting potential evaluations of both rules of origin and the tariff benefits associated with UAE-sourced gold.