India’s annual gold production of around 1.6 tonnes has always looked pretty measly for a country that accounts for around 25% of global gold demand. Though not lacking in geological potential, India’s mining sector has become a cautionary tale for governments looking to make a quick buck out of eager international players. Rio Tinto decided to shelve its Bunder diamond project mid-2016 after attempting to navigate regulatory hurdles for more than a decade; now only a few international miners remain, and another looming regulatory change looks set to kill off the country’s private exploration sector for good.