This case study analyses India's gold trade within the context of its current account deficit (CAD), focusing on the policy measure of customs duty. During FY 2012-13, rising gold imports and rupee depreciation worsened the CAD. To curb imports, the government raised import duties. By 2022, duty rates reached 15%. In 2024, rates were reduced to 6%. The case study evaluates whether duty adjustments effectively controlled imports, considering the numerous factors influencing gold demand and their impact on the CAD. It also focuses on exports, especially in gems and jewellery sector, as an alternative strategy, using historical data and consumer behaviour insights.