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India’s Gold Consumption Seen Falling 12% in 2025 as Prices Weigh on Jewellery Demand: WGC

Soaring gold prices curb jewellery buying, while investment demand stays resilient; lightweight 22-karat jewellery remains preferred.

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India’s gold consumption is projected to decline 12% this year to 650–700 tonnes, down from 802.8 tonnes in 2024, as a sharp rise in prices dampens demand in one of the world’s largest bullion markets, according to the World Gold Council (WGC) India.

Gold prices have surged over 65% since January, pushing the retail price to around Rs.1,32,394 per 10 grams. Elevated prices have strained affordability, particularly for jewellery buyers, even during the peak wedding season.

Despite higher prices, consumers continue to prefer 22-karat lightweight plain gold jewellery, rather than shifting to lower-karat options such as 18K, 14K, or 9K—despite the availability of hallmarking for these categories. “Indians will take time to shift to lower-karat gold jewellery,” said Sachin Jain, CEO, WGC India.

Gold demand shows a clear divergence: investment demand remains strong, while the jewellery segment is under pressure. Industry feedback indicates year-on-year declines in jewellery volumes as higher prices curb consumption. India’s total gold consumption stood at 462.4 tonnes during January–September, WGC data showed.

In value terms, gold imports rose 2% year-to-date to $55 billion, but volumes fell by about 20% to ~580 tonnes, underscoring that value growth is price-led rather than volume-driven. Mid- and small-ticket segments—critical to mass demand—remain particularly impacted.

High net-worth individuals have continued buying heavier gold pieces (100–400 grams), attracted by the ongoing price rally, though this has not been sufficient to offset broader volume weakness. Price volatility is also constraining discretionary and everyday jewellery purchases.

Retail performance reflects this split: large and mid-sized jewellers are reporting relatively healthier sales supported by higher ticket sizes and wedding-led purchases, while small and standalone jewellers face mounting pressure.

Meanwhile, investment-focused buying—especially bars and coins—continues to gain traction. Gold imports for investment surged to 340 tonnes between July and October, up from 204 tonnes between January and June, with even entry-level consumers opting for coins amid the sustained price rally.

source: World Gold Council

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MMTC-PAMP Appoints Sidharth Malhotra As Brand Ambassador

As Part Of The Association, Sidharth Will Lead MMTC-PAMP’s New Integrated Campaign, ‘Purest And More,’ Showcasing The Brand’s Expanding Portfolio Across Physical Precious Metals, Digital Investments and Responsible Gold Recycling.

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MMTC-PAMP, India’s only London Bullion Market Association (LBMA)-accredited Good Delivery  Gold & Silver refiner, today announced acclaimed actor Sidharth Malhotra as its Brand Ambassador, marking a significant  milestone in the brand’s journey to strengthen its connection with a new generation of consumers. As part of the association,  Sidharth will lead MMTC-PAMP’s new integrated campaign, ‘Purest And More,’ showcasing the brand’s expanding portfolio  across physical precious metals, digital investments and responsible gold recycling. 

The integrated campaign showcases MMTC-PAMP’s complete ecosystem, from 24K 999.9+ purest gold and silver coins and  bars to digital gold and silver, gold recycling, online purchasing and assured buyback services. Through relatable, everyday  moments and festive celebrations, the campaign reinforces MMTC-PAMP’s position as India’s most trusted precious metals  brand while making gold ownership more relevant, accessible and convenient for today’s consumers. 

Announcing the association, Samit Guha, Managing Director and CEO, MMTC-PAMP said:

“We are delighted to welcome  Sidharth Malhotra to the MMTC-PAMP family. Sidharth has built a strong reputation through authenticity, credibility and a  modern outlook—qualities that closely reflect the values of our brand. As one of India’s most admired and influential actors,  he enjoys a deep connect across generations, making him an ideal ambassador as we continue expanding the reach of MMTC PAMP among both seasoned investors and first-time buyers.

This partnership comes at an exciting phase in our growth as we  continue to redefine precious metals ownership through innovation, responsible sourcing and world-class quality. Through  our ‘Purest And More’ campaign, we are showcasing how MMTC-PAMP today offers far more than physical gold—from digital  investments and online buying to gold recycling and assured buyback—while remaining uncompromising on purity and trust.”

The campaign film unfolds through a series of relatable family moments around a wedding celebration, with Sidharth  naturally introducing consumers to MMTC-PAMP’s diverse offerings. The storytelling highlights that every MMTC-PAMP  offering is backed by the brand’s commitment to purity, trust and convenience while reinforcing its promise of “Purest And  More.” 

Speaking on the association, Sidharth Malhotra said:

“MMTC-PAMP has built a remarkable reputation for purity, trust and  innovation, while also modernising the way people invest in and experience precious metals. Whether it’s celebrating life’s  milestones, building long-term wealth or embracing more responsible choices through recycled gold, the brand continues to  stay relevant for today’s consumers. I’m excited to be part of this journey and look forward to connecting with people through  the ‘Purest And More’ campaign.”

The association brings together one of India’s most recognised actors with one of the country’s most trusted precious metals  brands at a time when consumer interest in certified physical gold, digital gold and sustainable precious metals solutions  continues to grow. With Sidharth Malhotra as the face of the brand, MMTC-PAMP aims to further strengthen its leadership  position while deepening engagement with a younger, digitally connected audience. 

The campaign will be amplified across television, digital platforms, social media, print, retail stores and e-commerce channels,  with dedicated creatives highlighting key offerings including digital gold and silver, festive gifting, Virasat recycled gold,  Akshaya Tritiya, Diwali and MMTC-PAMP’s certified purity credentials. 

Link to the TVC (YouTube):

Link to the TVC (Instagram):https://www.instagram.com/p/DciH4s7tim5//

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