India’s appetite for gold jewellery weakened in the third quarter of 2025, with demand sliding 31% year-on-year to 117.7 tonnes. Yet, the overall value of purchases held steady at around ₹1.14 lakh crore, reflecting how resilient Indian consumers remain even amid record-high gold prices.
Total gold demand fell 16% to 209.4 tonnes during the quarter, while the value of gold consumed rose 23% to ₹2.03 lakh crore, buoyed by a sharp surge in global and domestic prices. Average prices climbed to unprecedented levels of about ₹97,075 per 10 grams, compared to ₹66,614 a year earlier.
In contrast, investment demand for gold gained impressive traction. Volumes rose 20% to 91.6 tonnes, and the value soared 74% year-on-year to ₹88,970 crore. The shift suggests a growing preference among Indian buyers to view gold as a long-term financial asset rather than purely ornamental.
Imports dipped by 37% to 194.6 tonnes, while recycling activity eased 7% to 21.8 tonnes, hinting at a more cautious market approach.
Industry leaders note that, despite the slowdown, gold’s cultural significance continues to underpin steady demand. With the festive and wedding season underway, retailers are anticipating renewed momentum across both jewellery and investment segments. Full-year demand is projected to reach between 600 and 700 tonnes, supported by stable sentiment and strategic consumer buying.