Why is gold smuggling increasing?

Gold smuggling appears to be on the rise -- the incidence seizure have recorded a jump recently.

Government data shows 2,567 cases of gold seizures in 2020. In 2021, it was 2,445, while in 2022, the number jumped to 3,982. In January this year, around 414 cases of gold seizures were registered. In all, over 4,500 people were arrested over the past three years.

Why is there a rise in gold smuggling? What is the impact?

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