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WGC Central Bank Gold Reserves Survey 2025

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Central banks have accumulated over 1,000t of gold in each of the last three years, up significantly from the 400-500t average over the preceding decade. This marked acceleration in the pace of accumulation has occurred against a backdrop of geopolitical and economic uncertainty, which has clouded the outlook for reserve managers and investors alike.

2025 Central Bank Gold Reserves (CBGR) survey, conducted between 25 February and 20 May, helps us shine a light on the continued importance of gold reserve management in these challenging times. This year we set a new benchmark, drawing in 73 responses – the highest since our survey commenced eight years ago.

Key highlights

  • Similar to findings from previous surveys, central banks continue to hold favourable expectations on gold. Respondents overwhelmingly (95%) believe that global central bank gold reserves will increase over the next 12 months. 
  • This year, a record 43% of respondents believe that their own gold reserves will also increase over the same period. Interestingly, none of our respondents anticipate a decline in their gold reserves.
  • Gold’s performance during times of crisis, portfolio diversification and inflation hedging are some key themes driving plans to accumulate more gold over the coming year. In addition, gold’s unique characteristics and role as a strategic asset continue to be valued by central banks: its performance in times of crisis, ability to act as a store of value, and its role as an effective diversifier, continue to be cited as key reasons for an allocation to gold.
  • The majority of respondents (73%) see moderate or significantly lower US dollar holdings within global reserves over the next five years. Respondents also believe that the share of other currencies, such as the euro and renminbi, as well as gold, will increase over the same period.
  • The survey highlighted an uptick in respondents who actively manage their gold reserves, from 37% in 2024 to 44% in 2025. While enhancing returns remained the primary reason for this, risk management leapfrogged tactical trading as the second most selected reason.
  • The Bank of England remains the most popular vaulting location for gold reserves amongst respondents (64%); a significantly higher percentage of respondents reported some domestic storage of gold reserves this year than they did last year (59% in 2025 vs 41% in 2024). Just 7% of respondents indicated that they plan to increase domestic storage of gold reserves over the next 12 months.

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Aisshpra Gems & Jewels Opens Four Stores in One Day, Takes Network to 20; Targets 30 Stores by March 2028

Four franchise showrooms add approximately 12,000 sq. ft. of retail space, taking the brand’s total retail footprint beyond 90,000 sq. ft.; Bettiah marks its entry into Bihar.

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Aisshpra Gems & Jewels, the jewellery retail brand established in Gorakhpur in 1940, today announced the simultaneous opening of four showrooms in Bahraich, Bettiah, Lucknow and Mirzapur. The milestone takes its operational network from 16 to 20 stores in a single day, with three more stores under construction and a target of 30 operational stores by March 2028.

Each new franchise-operated showroom measures approximately 3,000 sq. ft. Together, the openings add around 12,000 sq. ft. of retail space and take the brand’s overall retail footprint to more than 90,000 sq. ft. The Bettiah opening is Aisshpra’s first in Bihar, where Siwan and Gopalganj are also in its expansion pipeline. The Lucknow launch marks its third showroom in the city.

Jewel Story takes centre stage across all four stores

All four showrooms feature a dedicated store-in-store presence for Jewel Story, Aisshpra’s lifestyle jewellery brand. Designed for teenagers, young adults and customers up to around 40 years of age, Jewel Story focuses on lightweight, wearable, modern jewellery across 9KT to 22KT gold purity. The concept seeks to make jewellery relevant to everyday personal style, alongside Aisshpra’s traditional, bridal and occasion-wear collections.

Leadership on expansion and legacy

Atul Saraf, Director, Aisshpra Gems & Jewels

“Since 1940, our most important achievement has been the trust we have earned across generations. Opening four stores together is a proud milestone, and every new showroom brings the responsibility of preserving that trust.”

Anoop Saraf, Director, Aisshpra Gems & Jewels

“As we enter new markets, Trust, Integrity and Ethics remain our guiding principles. We want customers in every city to experience the same transparency, quality and care that have defined Aisshpra for decades.”

Vaibhav Saraf, Director, Aisshpra Gems & Jewels

“Moving from 16 to 20 stores in one day is a major jump in our network. Our footprint now exceeds 90,000 sq. ft., three additional stores are under construction, and we are working towards 30 stores by March 2028. Bettiah opens the door to Bihar, while our third Lucknow showroom deepens our presence in a key market.”

Saumitra Saraf, Director, Aisshpra Gems & Jewels

“Younger customers increasingly want jewellery that feels contemporary, versatile and easy to wear. Jewel Story brings that proposition to every new showroom, with modern designs spanning 9KT to 22KT.”

Inauguration celebrations and opening offers

The celebrations featured Mouni Roy in Lucknow, Adah Sharma in Bahraich and Ayesha Khan in Mirzapur. The Bettiah inauguration took place in the presence of local dignitaries.

Customers can avail inaugural offers of up to 30% off gold jewellery making charges and diamond value, subject to applicable terms and conditions. Offer validity is to be confirmed.

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