Industry officials stated that India's Gold lease rates have doubled within a month to record highs, following a surge in overseas market Gold lease rates, as Global Banks transfer Gold to the USA, leading to supply shortages. In this second largest Gold Consumer country globally, rising lease rates have increased jewelry production costs and may squeeze the profit margins of jewelers such as Titan, Kalyan Jewellers, and Tribhovandas Bhimji Zaveri. Shekhar Bhandari, President and Business Head of Kotak Mahindra Bank, noted that Gold lease rates, which traditionally hovered around 1.5% to 3%, have more than doubled in a month and might rise further. He stated, "Considering the geopolitical uncertainties, trade wars, and the benefits brought by the CME Futures prices rising over spot prices, lease rates seem likely to remain high in the coming months."