Prime Minister Narendra Modi recently appealed to citizens to temporarily halt gold purchases and limit non-essential spending during a public rally in Hyderabad. His comments come as India faces economic uncertainty and declining foreign exchange reserves, which fell by $7.794 billion to $690.693 billion as of May 1. The jewellery industry is set to discuss the impact of this appeal with officials from the Prime Minister's Office on May 12. Gold imports have surged to an all-time high of $72 billion in the fiscal year 2026, representing a 24% increase from the previous year, and account for nearly 9% of India's total imports. With domestic gold production limited to about 1 to 2 tonnes annually, over 90% of the country's gold demand is satisfied through imports, raising concerns about the economic implications of such dependence.