As a user of Bundler Show archive.org snapshot you have spent significant time looking at this message:

Fetching source index for http://rubygems.org/

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To make Bundler skip this index update and only use installed gems, you can use the --local option:

bundle install --local

Unfortunately this does not work with bundle update.

It is said Show archive.org snapshot that Bundler 1.1 will use a feature of Rubygems.org that allows partial index updates. Hopefully the whole issue will go away with that.