The Indian jewellery industry faces turmoil following Prime Minister Narendra Modi's appeal to refrain from gold purchases for a year to conserve foreign exchange reserves, which are under pressure due to the Iran-US conflict. With India importing 90% of its gold, jewellers warn that this could lead to substantial losses and threaten the livelihoods of hundreds of thousands. In response, they propose establishing a bullion bank within the India International Bullion Exchange framework. This bank would facilitate trading, storage, and lending of precious metals, including gold, silver, platinum, and palladium. Bullion banks earn revenue through various activities such as trading, custody, and financing. India imports 700-800 tonnes of gold annually, significantly impacting its current account deficit. However, Indian households hold an estimated 25,000-35,000 tonnes of gold, much of which remains unused. Mobilizing even 1-2% of this idle gold could reduce imports and ease forex pressures. Jewellers are urging the government to enhance the Gold Monetisation Scheme to encourage public participation and promote the circulation of existing gold within the economy.