India has increased import duties on gold and silver from 6% to 15%, comprising a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC). This decision is part of a broader strategy to reduce the country's dependence on imported precious metals, which has been a significant drain on foreign exchange reserves. Amid rising crude oil prices and geopolitical tensions, Prime Minister Narendra Modi has urged citizens to limit unnecessary gold purchases to conserve foreign exchange. The move also aims to support the Indian rupee, which has recently faced depreciation pressures due to high demand for dollars linked to commodity imports. Additionally, narrowing the trade deficit is a critical goal, as India imports substantial amounts of gold, crude oil, and electronics. Experts suggest that mobilizing domestic gold reserves through recycling and monetization could help reduce import reliance. However, industry leaders warn that a significant drop in jewelry demand could negatively impact employment in the sector, which supports millions of artisans and workers across India.