The Indian bullion industry is increasingly worried about potential restrictions on gold imports due to delays in renewing licences for dore gold. Several refineries have reported that their licences have expired or their import quotas are exhausted, leading to a tightening supply of bullion. The government recently brought gold jewellery imports under a licensing regime, further complicating the situation. According to industry sources, eight to ten refineries have faced licence renewal applications being rejected or deferred without explanation. The Precious Metals Refineries Forum (PMRF) has urged the finance ministry to amend the Gold Monetization Scheme to encourage dore imports, which support the 'Make in India' initiative. The weakening Indian rupee, which has depreciated by about 10% against the US dollar in 2025-26, adds to the pressure on gold imports, reminiscent of restrictions imposed in 2013. The situation has severely affected downstream jewellery manufacturing and employment, as many refineries also handle the melting and refining of old jewellery, which is now stagnating. Consumers are increasingly turning to the grey market for selling old gold to avoid tax liabilities, further complicating the market dynamics.