Jewellery and travel-related stocks in India experienced a significant downturn on Monday, following Prime Minister Narendra Modi's appeal for citizens to limit gold purchases and foreign travel. Shares of major jewellery companies, such as Titan Company, plummeted nearly 7%, while Kalyan Jewellers and others fell over 8%. The Prime Minister's remarks aimed to ease the strain on the country's foreign exchange reserves, which have been impacted by high energy prices linked to the US-Iran war. Modi's call for reduced gold buying comes as India's gold imports surged 24% in FY26 to a record $72 billion, heightening concerns about the current account deficit (CAD) which expanded to $33.3 billion in the same period. Analysts from Nomura indicated that while no mandatory restrictions were announced, the government may consider measures like increased customs duties on gold imports and tighter regulations under the Liberalised Remittance Scheme (LRS). Furthermore, a potential 10% hike in fuel prices could lead to a 0.5 percentage point rise in inflation, prompting the Reserve Bank of India to remain cautious about inflation risks. The overall message from the government is to discourage excessive gold imports while promoting the recycling and monetisation of existing gold holdings.