National News
Global Gold Demand Rises in Q1 2025 Despite Indian Jewellery Sales Slump
WGC Sees India’s Annual Demand at 700–800 Tonnes Amid Record Prices; Investment Demand Up, Jewellery Demand Hits Five-Year Low
Global gold demand rose 1% year-on-year to 1,206 tonnes in the January–March 2025 quarter, marking the highest first-quarter level since 2019, according to the World Gold Council (WGC). However, India—one of the world’s largest gold consumers—saw a 15% decline in overall gold demand during the same period, dropping to 118.1 tonnes, largely due to soaring gold prices.
Despite the volume drop, the value of gold demand in India surged 22% as retail prices jumped to ₹94,030 per 10 grams during the March quarter. Prices climbed even higher in April, breaching the ₹1 lakh per 10 grams mark in retail markets, driven by international gold prices reaching an unprecedented $3,500 per ounce.
The WGC has forecast India’s gold demand for the full year at 700 to 800 tonnes, despite affordability pressures. The average price during Q1 2025 was ₹79,633.4 per 10 grams, a significant increase from ₹55,247.2 in Q1 2024.
India’s investment demand for gold showed resilience, rising 7% to 46.7 tonnes, compared to 43.6 tonnes in the same period last year. In contrast, jewellery demand dropped sharply by 25% to 71.4 tonnes, down from 95.5 tonnes—the lowest volume since 2020. However, jewellery demand value still rose 3% year-on-year due to the elevated prices.
Meanwhile, gold imports in India rose 8% to 167.4 tonnes, while recycling volumes fell 32% to 26 tonnes as consumers preferred to hold onto their gold assets amid rising prices.
“Elevated prices have impacted affordability. Yet, the enduring cultural significance of gold—especially ahead of Akshaya Tritiya and the upcoming wedding season—continues to support buying sentiment,” said Sachin Jain, WGC India CEO.
As Akshaya Tritiya approaches, traditionally a peak time for gold purchases, consumers are adjusting their buying patterns. Many are opting for lighter jewellery or postponing purchases in hopes of a price correction. Still, experts believe gold’s dual appeal as a cultural staple and a reliable investment will sustain positive momentum in demand.
National News
GJEPC, IndusInd Bank Host Webinar On FEMA Guidelines For GJ Exporters
Webinar Outlined How The Updated Regulatory Framework Enhances Operational Ease While Adjusting Key Trade Timelines.
GJEPC in association with IndusInd Bank, held a joint online webinar aimed at explaining the revised Foreign Exchange Management Act (FEMA) guidelines and their direct operational impact on the gem and jewellery trade.
The interactive session featured key industry figures and financial experts, including Prakash Kumar Rath (Head – Gems, Jewellery and Diamond Division, IndusInd Bank), Mital Doshi (Convenor – Banking, Insurance and Taxation Sub-committee, GJEPC), and Sumit Dolwani (Manager – Trade Policy, GJEPC). Together, they outlined how the updated regulatory framework enhances operational ease while adjusting key trade timelines.
Shorter Export Realisation Periods: Timelines for foreign currency invoices have been adjusted from 12 months down to 9 months, while Rupee invoices have been revised from 15 months down to 12 months.
Greater Flexibility for Extensions: Authorised Dealer (AD) banks can now grant time extensions based on individual transaction circumstances, significantly reducing the requirement for routine Reserve Bank of India (RBI) referrals.
Revised Import Payment Timelines: Import payments will now be governed primarily by commercial contracts, replacing the former rigid six-month and 360-day restrictions.
Greater Discretion on Advance Payments: Banks have been given enhanced flexibility in framing internal policies for advance remittances instead of strictly adhering to fixed monetary thresholds.
Flexibility in Third-Party Payments: Third-party payments are now permitted subject to prescribed regulatory conditions and the satisfaction of the AD bank.
Simplified Handling of Pending Cases: AD banks can directly resolve outstanding EDPMS and IDPMS cases without needing to refer every individual matter to the RBI.
Speakers emphasized that exporters must maintain precise records and complete supporting documentation for all transactions, including those monitored through EDPMS and IDPMS.
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