India’s gold demand in calendar year 2025 fell 11% to 710.9 tonnes from 802.8 tonnes in 2024, but the value of demand rose sharply by 30% to Rs. 751,490 crore, supported by record-high gold prices, according to data released by the World Gold Council.
Jewellery demand declined 24% by volume to 430.5 tonnes compared with 563.4 tonnes in 2024. However, the value of jewellery demand increased 12% year-on-year to Rs. 454,390 crore. Investment demand emerged as a key driver, rising 17% in volume to 280.4 tonnes, while its value jumped 73% to Rs. 297,100 crore during the year.
In Q4 2025, total gold demand stood at 241.3 tonnes, down 9% from Q4 2024. Despite the drop in volumes, the value of Q4 demand surged 49% year-on-year to Rs. 303,470 crore. Jewellery demand in the quarter fell 23% by volume to 145.3 tonnes, though its value rose 26% to Rs. 182,770 crore. Investment demand increased 26% to 96.0 tonnes, with value more than doubling, up 108% to Rs. 120,700 crore.
Commenting on the trends, Sachin Jain, Regional CEO – India, World Gold Council, said: “India’s gold market in Q4 2025 clearly reflected the dual impact of record-high prices and shifting consumer behaviour… Despite the wedding season, jewellery volumes dropped by 23% to 145.3 tonnes as record-high prices and affordability pressures weighed on consumption. This volume-value divergence mirrors 2025’s exceptional price rally, with gold delivering over 60% returns and 53 all-time highs.”
On investment demand, Jain said: “In contrast, investment demand emerged as a clear bright spot during the quarter. Total investment demand rose 26% year-on-year to 96.0 tonnes, while its value more than doubled to Rs. 120,700 crores, up 108% compared to Q4 2024. This strong performance highlights a growing strategic commitment among Indian investors to gold as a long-term portfolio hedge.”
On the supply side, gold imports in Q4 2025 declined 5% year-on-year to 215.1 tonnes, while recycling fell 27% to 21.7 tonnes. “Recycling activity declined more sharply, suggesting that consumers are choosing to retain their gold holdings despite record prices,” Jain said, adding that this reinforced gold’s role as a store of wealth during periods of uncertainty.
Looking ahead, the World Gold Council expects India’s gold demand in 2026 to be in the range of 600-700 tonnes, with investment demand remaining robust amid global uncertainties and growing interest in ETFs and digital gold.
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