Indian banks have faced a five-week halt in gold and silver imports due to customs delays, which is pushing domestic prices higher and threatening supply in the world's second-largest bullion market. The disruptions began at the start of the financial year on April 1, when the trade ministry delayed publishing the annual list of banks eligible to import precious metals. This list was finally issued on April 17, but customs clearance orders are still pending, preventing banks from making purchases. Jewelers, who typically restock after the auspicious Akshaya Tritiya festival, are now facing difficulties as they seek to capitalize on a 12% drop in international gold prices since February. The premium for domestic gold over international prices has exceeded $20 per ounce for the first time since early February, indicating rising local demand amid supply constraints. While the situation is challenging for jewelers, it may have a mild positive impact on India's trade balance, as gold constitutes a significant portion of the country's import bill.