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WGC Gold Demand Trends : Gold breaks records as investors seek shelter from market turbulence

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The World Gold Council’s Q3 2025 Gold Demand Trends report reveals that quarterly gold demand (including OTC) reached 1,313t, or US $146bn in value terms and was the highest quarter for demand on record.

Growth was driven primarily by investment demand which accelerated in Q3 reaching 537t (+47% y/y) and accounted for 55% of overall net gold demand. This momentum was driven by a powerful combination of an uncertain and volatile geopolitical environment, US dollar weakness and investor “FOMO” as the price climbed higher.

Investors continued to pile into physically backed gold ETFs for a third consecutive quarter, adding a further 222t with global inflows reaching US$26bn. Year-to-date, gold ETFs have added a total of 619t (US$64bn) to their holdings with North American listed funds leading the charge (346t), followed by European (148t) and Asian funds (118t).

Bar and coin investment rose 17% y/y, totalling 316t, with growth in almost all markets but with significant contributions from India (92t), China, (74t).

On the other hand, gold jewellery demand was weighed down by 50 record gold prices this year, seeing a 19% y/y decline in consumption for Q3. While the two largest consumer markets – India and China – both saw a quarter-on-quarter uplift, largely due to seasonal factors, the y/y picture across both markets remained weak.

Central banks picked up the pace in Q3 with net purchases totalling 220t in the third quarter, up 28% on Q2 and 10% y/y, despite the record-high gold price. On a year-to-date basis, net buying totalled 634t, trailing behind the exceptional highs of the last three years, but comfortably above pre-2022 levels.

Total gold supply reached a quarterly record of 1,313t, up 3% y/y. Mine production increased by 2% y/y to 977t while recycling was up 6% y/y at 344t, staying relatively stable given the soaring gold price.

Louise Street, Senior Markets Analyst at the World Gold Council, commented: 

“Gold’s climb towards US$4,000/oz in the third quarter underscores the strength and persistence of the factors that have been driving demand throughout the year. Heightened geopolitical tensions, stubborn inflationary pressures and uncertainty around global trade policy have all fuelled appetite for safe-haven assets as investors look to build resilience in their portfolios.

“The outlook for gold remains optimistic, as continued US dollar weakness, lower interest rate expectations, and the threat of stagflation could further propel investment demand. Gold has set record after record this year, and the current environment suggests there could be more upside gains for gold. Our research indicates the market is not yet saturated, and the strategic case to hold gold remains firmly in place.”

Sachin Jain, Regional CEO, India, World Gold Council said:

“India’s gold market in Q3 2025 showcased its inherent resilience and the significant impact of evolving price dynamics. While total gold value surged impressively by 23% to Rs. 2,03,240 crores, gold demand volumes saw a 16% decline to 209.4 tonnes. This robust growth in value, driven by high average prices, strongly reaffirms gold’s enduring appeal as a safe-haven asset. Investment demand, showed remarkable strength, increasing 20% in volume to 91.6 tonnes and a significant 74% in value to Rs. 88,970 crores.

This highlights a deepening strategic commitment among Indian consumers to gold as a long-term store of value. While jewellery demand saw a 31% volume decrease to 117.7 tonnes, its value remained largely stable at Rs. 1,14,270 crores. This indicates that despite higher prices, gold’s intrinsic cultural significance continues to drive purchases, with consumers adapting to the new price levels.

On the supply side, gold imports were 194.6 tonnes, down 37%, while recycling saw a modest 7% decline to 21.8 tonnes, suggesting consumers are holding onto their prized asset. Looking ahead, the current festive and wedding seasons are pivotal for the yellow metal. Gold’s unique cultural significance means festivals traditionally drive strong buying interest. Despite prevailing high prices, consumer sentiment remains positive, and retailers are well-prepared. We anticipate robust demand across all categories, from traditional jewellery to investment products, as the market gears up for a vibrant festive and wedding season. With total gold demand from January to September at approximately 462.4 tonnes, we anticipate full-year demand between 600 and 700 tonnes, more towards higher end of range.

Gold Demand Trends Q3 2025  India Fact Sheet: India Gold Demand Statistics for Q3 2025 (July – September)

  • Demand for gold in India for Q3 2025 was at 209.4 tonnes, down by 16% as compared to overall Q3 demand for 2024 (248.3 tonnes)
  • India’s Q3 2025 gold demand value was Rs. 2,03,240 crores, up by 23% as compared to Q3 2024 (Rs.1,65,380 crores)
  •  Total Jewellery demand in India for Q3 2025 decreased by 31% to 117.7 tonnes as compared to Q3 2024 (171.6 tonnes)
  • The value of jewellery demand remained rather unchanged at Rs. 1,14,270 crores, compared to Rs. 1,14,300 crores recorded in Q3 2024
  • Total Investment demand for Q3 2025 was at 91.6 tonnes, increased by 20% in comparison to Q3 2024 (76.7 tonnes)
  • In value terms, gold Investment demand in Q3 2025 was Rs. 88,970 crores, up by 74% from Q3 2024 (Rs. 51,080 crores)
  • Total gold recycled in India in Q3 2025 was 21.8 tonnes, down by 7% compared to 23.4 tonnes in Q3 2024.
  • Total gold imports in India in Q3 2025 was 194.6 tonnes, down by 37% compared to 308.2 tonnes in Q3 2024.
  • US$/oz average quarterly price in Q3 2025 was US$ 3,456.5 in comparison to US$ 2,474.3 in Q3 2024.
  •  INR/10g average quarterly price in Q3 2025 was INR 97,074.9 in comparison to INR 66,614.1 in Q3 2024 (without import duty and GST)
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JB Insights

Tanishq- Natural Diamonds- How to Choose Your Natural Diamonds. A thoughtful Guide to Meaningful Luxury

Looking beyond trends to choose diamonds of lasting meaning

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Natural diamonds are extraordinary gifts of nature, which is formed over billions of years deep within the earth under intense heat and pressure. Each natural diamond is completely unique, shaped by time itself. This rarity and natural origin make diamonds powerful symbols of authenticity, emotion, and enduring beauty. If you are planning to buy a natural diamond, understanding what truly matters will help you make a confident and meaningful choice.

The Origin of Natural Diamonds

Natural diamonds are not created in laboratories or factories; they are formed deep within the earth over billions of years. This remarkable journey makes each diamond rare and irreplaceable. When you choose a natural diamond, you are choosing a piece of the earth’s history, which is why these stones often become cherished markers of life’s most important moments and milestones.

Understand the 4Cs—Holistically

The 4Cs—Cut, Colour, Clarity, and Carat—are the universal benchmarks for evaluating diamonds. While each C matters, their true value lies in how well they work together, along with a diamond’s light performance. Light performance refers to how effectively a diamond interacts with light—how it enters, reflects, refracts, and returns brilliance to the eye. In natural diamonds, this interaction is influenced by unique growth patterns formed over billions of years, creating depth, fire, and scintillation that are difficult for synthetic diamonds to replicate consistently. As a result, a slightly smaller natural diamond with excellent cut and superior light performance can often appear more vibrant than a larger stone with weaker proportions or synthetic characteristics. Trusted jewellers prioritise this balance to deliver enduring beauty and long-term value.

Cut: The Foundation of Brilliance

Cut plays the biggest role in how a diamond looks to the eye. It determines how light enters, reflects within, and exits the diamond. A well-cut natural diamond appears lively, bright, and full of sparkle.

A superior cut reveals:

  • Brightness, or the return of white light
  • Fire, the colourful flashes you see when light disperses
  • Scintillation, the sparkle created when the diamond moves

Even diamonds with high carat weight can look dull if the cut is poor, which is why cut is often considered the most important of the 4Cs.

Clarity: Nature’s Unique Signature

Clarity refers to natural inclusions formed during the diamond’s creation process. These tiny characteristics are like a diamond’s fingerprint—no two are ever the same. Diamonds are graded from Flawless (F) to Included (I) based on the visibility of these inclusions.

Most jewellery-quality diamonds fall within this scale, and many buyers prefer diamonds whose inclusions are not visible to the naked eye, allowing them to enjoy both beauty and value. These natural features also serve as proof of a diamond’s authenticity.

Colour: Subtle Differences That Matter

Diamond colour is graded on a scale from colourless to light yellow. The less colour present, the rarer the diamond appears. However, many near-colourless diamonds look equally beautiful to the naked eye and offer excellent value.

  • Colourless (D–F) diamonds appear crisp and bright
  • Near Colourless (G–J) diamonds offer a balance of beauty and affordability
  • Faint Yellow (K–M) diamonds have a warmer tone

Choosing the right colour also depends on the jewellery setting, as metal tones can enhance or soften the diamond’s appearance.

Carat: Understanding Weight, Not Just Size

Carat measures a diamond’s weight, with one carat equal to 0.20 grams. While larger diamonds require greater investment, carat alone does not define beauty or brilliance. A well-cut smaller diamond can often appear larger than a heavier diamond with poor proportions. Understanding carat in relation to the other Cs helps buyers make smarter, more satisfying choices.

Insist on Certification and Transparency

Certification provides assurance that a diamond has been professionally evaluated for quality and authenticity. Transparent grading and responsible sourcing help buyers understand exactly what they are investing in. Tanishq’s commitment to certification and transparency ensures peace of mind with every natural diamond purchase.

Choose Ethical and Responsible Luxury

Today’s luxury consumers value integrity as much as beauty. Supported by the Natural Diamond Council, natural diamonds contribute to responsible mining practices, community development, and sustainable livelihoods. Choosing ethically sourced natural diamonds adds deeper meaning and purpose to your jewellery.

Seek Expert Guidance

Buying a natural diamond is a personal journey, and expert guidance can make all the difference. Consulting trusted jewellers like Tanishq helps buyers understand fine details, compare options, and choose a diamond that balances beauty, authenticity, and long-term value. Choosing a natural diamond is about more than sparkle—it is about knowledge, trust, and emotion. Guided by the Natural Diamond Council’s commitment to education and Tanishq’s legacy of craftsmanship and transparency, every natural diamond becomes a meaningful expression of timeless luxury.

Get Your Diamonds Checked at the Diamond Expertise Centre

For added reassurance, customers can get their diamonds checked at the Diamond Expertise Centre, created in collaboration between Tanishq and De Beers. Combining advanced detection technology with the expertise of trained gemologists, the centre enables customers to accurately identify natural diamonds and understand the science behind their selection. Through transparent, hands-on evaluation, customers gain deeper insight into their diamond’s authenticity, quality, and light performance—empowering them with knowledge, confidence, and complete peace of mind throughout the buying journey.

Let Diamond Science Guide Your Decision

One of the most reliable ways to choose a natural diamond is through transparent, science-backed evaluation rather than visual appeal alone. At the Tanishq’s Diamond Expertise Centre, created by Tanishq in collaboration with De Beers, customers gain a clear understanding of what they are buying through expert guidance—prioritising proof over promise. Through guided walkthroughs and hands-on evaluations, customers experience how advanced diagnostic tools—Lightscope, SynthDetect, Hearts & Arrows Viewer, Girdle Marking Viewer, and Inclusion Viewer—work together to assess light performance, verify natural origin, study symmetry, and examine inclusions and laser markings. By making diamond science transparent and interactive, the centre empowers customers to make informed choices with clarity and confidence, reinforcing trust at every step of the natural diamond journey.

True Rarity Can’t Be Replicated

Natural diamonds are precious not just for their beauty, but for their rarity and the extraordinary journey that brings them to life. Formed deep within the earth over billions of years, no two natural diamonds are ever the same—each carries its own unique character, inclusions, and story shaped by time and nature. This inherent rarity gives natural diamonds an enduring emotional and intrinsic value that goes beyond trends or technology. Choosing a natural diamond is a choice rooted in authenticity, permanence, and legacy—a symbol meant to be cherished today and passed on for generations to come.

Think Beyond Trends

While jewellery trends evolve over time, natural diamonds remain timeless. Classic solitaires, elegant earrings, and versatile diamond necklaces continue to be relevant year after year. These pieces are not just fashion statements—they are heirlooms that carry stories across generations.

Choosing a natural diamond is ultimately a decision rooted in thoughtfulness, trust, and enduring value. It is about recognising the rare journey of a stone formed by nature, understanding its science-backed authenticity, and selecting a piece that resonates with personal meaning rather than passing trends. Guided by transparency, expert insight, and a commitment to responsible luxury, a natural diamond becomes more than jewellery, it becomes a lasting symbol of life’s most meaningful moments, cherished today and preserved for generations to come.

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