Gold Jewellery Sales in India Sink 31% During Q3 2025
The gold consumption in the country recorded its weakest quarter since 2020, falling significantly to 118 tonnes.
SEATTLE (Scrap Monster): India’s gold jewellery market saw a sharp decline in the third quarter of 2025, with demand falling 31% year-on-year to 118 tonnes, marking the weakest quarterly consumption since 2020, according to a recent report by the World Gold Council (WGC).
The report cites soaring gold prices and a weakened domestic currency as key factors behind the slump. Retail jewellery stores across the country experienced lower footfalls in July and August, as rising prices discouraged purchases of traditional jewellery pieces.
An analysis of consumer trends shows that conventional 24-carat and heavily ornate designs suffered the most, while 18-carat and smaller 14-carat pieces maintained moderate demand due to their lower price points and innovative designs. Even during the wedding season, demand for 22-carat traditional jewellery remained subdued.
Jigar Soni, President of the Jewellers’ Association of Ahmedabad (JAA), noted a growing shift towards bullion and coins, as buyers favored gold as an investment rather than in heavier, traditional jewellery forms. Supporting this trend, the demand for gold bars and coins rose 20% year-on-year to 91.6 tonnes in Q3 2025.
The WGC report highlights that while jewellery sales struggled, investment-oriented gold purchases continue to gain traction among Indian consumers amid market volatility and rising prices.