Indian Gold Jewellery Demand Falls 15% as Prices Pinch Consumers

Gold jewellery demand in India plummeted by 15% to 75 tonnes during Q2 2026, according to a World Gold Council report. The decline was primarily driven by persistently high gold prices, which forced consumers to either postpone purchases or opt for lighter ornaments.

The report noted that despite the sequential recovery from the first quarter of 2026, jewellery demand remained lower compared to the same period last year. In fact, India's total gold jewellery demand during the first six months of 2026 stood at 141 tonnes, down 17% from the same period a year earlier.

However, it's worth noting that the value of these purchases increased by over 26% to USD 21 billion due to higher gold prices. This meant that consumers purchased less gold by volume but paid considerably more for it.