India's government has stated that there are currently no plans to increase import duties on gold and silver, following Prime Minister Narendra Modi's recent appeal for citizens to avoid purchasing gold. This comes at a time when India, the world's second-largest consumer of gold, has seen gold imports rise 24.1% year-on-year to $72 billion in FY26, alongside a 149.6% increase in silver imports to $12.1 billion. These metals accounted for 10.8% of India's total imports last fiscal year, raising concerns about the widening trade deficit and its impact on the Indian rupee. The jewelry sector, which has already begun adapting by offering lower-weight and lower-carat products, may face a 15% decline in business if duties were to be increased. Industry leaders emphasize the need for a Gold Monetisation Scheme to unlock the value of the 20,000 tonnes of gold currently held in households, which could help reduce import dependence. The situation recalls past government interventions during economic crises, such as the 2012-2013 period when strict regulations were imposed to control gold imports.