New Delhi: Russia exported more than USD 50 million worth of gold to India between January and October last year, according to a report by Russian news agency RIA Novosti. The report cited data from India’s Ministry of Commerce and Industry.
The exports mark a clear return of Russian gold shipments to India after a long gap. Trade between the two countries in gold had slowed sharply after 2021 due to global disruptions and changes in trade flows.
Shipments resumed in August
Gold deliveries from Russia restarted in August with a shipment worth USD 23.4 million. This was the biggest single gold export from Russia to India since 2021. After this, another shipment worth USD 26.9 million was sent in October.
Together, these shipments pushed total Russian gold exports to India beyond USD 50 million in the first ten months of the year. The timing shows a renewed trade link at a time when India’s demand for gold remains strong.
India’s gold demand stays strong
India is one of the largest gold importers in the world. Gold is widely used in jewellery, religious events and as a form of savings across the country.
In the first ten months of 2025, India’s gold demand rose by 16.5 percent to USD 50.7 billion. Strong buying during festivals, weddings and periods of global uncertainty supported higher imports.
Higher demand also reflects investor interest in gold as a safe asset, especially during times of global economic and political uncertainty.
Why the trade matters?
The return of Russian gold exports helps India diversify its supply sources. For Russia, India offers a large and stable market for gold exports at a time when access to some Western markets remains limited.
This trade also fits into broader economic ties between India and Russia, which have expanded in areas such as energy, commodities and defence in recent years.
Outlook for gold trade
With India’s demand expected to remain strong and global gold prices staying firm, gold trade flows are likely to remain active. The resumption of Russian shipments highlights how changing global conditions are reshaping commodity trade routes, with India continuing to play a central role in the global gold market.
