In light of Prime Minister Narendra Modi's recent appeal for Indians to refrain from purchasing gold for a year, concerns are mounting over the increasing volume of gold imports from Dubai. The Global Trade Research Initiative (GTRI) has highlighted that a significant proportion of gold entering India via the United Arab Emirates may actually be sourced from third countries, which are taking advantage of lower tariffs under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). According to GTRI, India's gold bar imports are projected to rise from $36.5 billion in 2022 to $58.9 billion by 2025, with imports from the UAE alone skyrocketing from $2.9 billion to $16.5 billion during the same period. This surge has raised alarms, as the UAE does not produce gold, suggesting that it may be acting merely as a conduit for gold from other nations. The CEPA has allowed gold imports from the UAE at a reduced tariff rate, incentivizing this trend. GTRI has urged the Indian government to tighten verification norms regarding the origin of gold to prevent tariff exploitation and to consider excluding precious metals from future trade agreements to safeguard the country's trade balance and foreign exchange reserves.