JB Insights
WGC Gold Demand Trends : Gold breaks records as investors seek shelter from market turbulence
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)
Designer Focus
Valani Atelier:Inspired by the quiet order of nature, symmetry of architecture and the emotional resonance of human stories.
Heena Shah, Valani Atelier underscores how her design is at the intersection of art, engineering, and emotion.
Speaking to JewelBuzz she passionately explains that she is inspired by the quiet order of nature, the symmetry of architecture, and the emotional resonance of human stories.She talks of her design philosophy, creative process, commercial viability and more
How would you describe the core design philosophy of Valani Atelier?
At Valani Atelier, we design at the intersection of art, engineering, and emotion. Guided by the Golden Ratio, each piece is a study in s, ymmetry and proportion—where precision meets poetry. My background in industrial engineering shapes our creative process, ensuring every curve and contour achieves both structural integrity and aesthetic harmony. Inspired by nature’s geometry and modern architecture, our jewelry balances innovation with timelessness. We believe true luxury lies in creating beauty that endures—pieces that resonate not just in the moment, but for generations to come.
What inspires your creations — art, architecture, nature, or personal emotion?
I’m inspired by the quiet order of nature, the symmetry of architecture, and the emotional resonance of human stories. Each Valani Atelier creation begins with a fascination for proportion and harmony—often guided by the Golden Ratio—to reveal beauty through balance. My engineering background shapes how I translate this structure into design, where mathematics meets emotion and precision becomes poetry.
Equally, I’m inspired by the artisans who bring these visions to life. Their craftsmanship fuels my commitment to social innovation—using design to preserve heritage skills, create equitable value chains, and prove that beauty and impact can coexist by design.
How do you balance traditional craftsmanship with contemporary aesthetics in your designs?
I strive to bridge the gap between heritage and innovation in my jewelry designs. Rooted in traditional craftsmanship, my work showcases meticulous stone setting, intricate detailing, and time-honored techniques that reflect the legacy of fine jewelry making. Each piece is crafted with precision, honoring the artisanal skills that define luxury. At the same time, I aim to infuse my creations with a bold, contemporary spirit. My designs feature striking gemstone arrangements, unexpected silhouettes, and organic forms that speak to modern sensibilities. Whether it’s a sculptural emerald ring or a floral-inspired ruby piece, I enjoy reimagining classic motifs through a fresh, artistic lens—creating jewelry that feels both timeless and current. My work is a celebration of duality: the elegance of tradition and the excitement of innovation, brought together in pieces that resonate with today’s confident, expressive wearer.
How has your design approach evolved since founding Valani Atelier?
Since founding Valani Atelier, my design approach has evolved from classic elegance to a more expressive and contemporary aesthetic. Early pieces focused on symmetry, traditional prong settings, and timeless gemstone combinations like emeralds and diamonds. Over time, I’ve embraced bolder silhouettes, asymmetrical compositions, and nature-inspired forms. Color has become more adventurous, and the interplay between structure and softness is more pronounced. While my commitment to craftsmanship remains unwavering, this evolution reflects a journey—from honoring tradition to redefining it—crafting jewelry that speaks to modern individuality while preserving the soul of timeless artistry.
Could you walk us through your creative process—from concept sketch to final piece?
Each jewelry piece I create begins as a spark of inspiration—sometimes it’s the gentle curve of a leaf, the interplay of light and shadow in a cityscape, or a fleeting emotion that lingers in my mind. I start by sketching these ideas by hand, letting the lines and shapes evolve naturally on paper. As I select gemstones, I place them directly onto my sketches, experimenting with color and balance until the composition feels just right. The process is tactile and intuitive, blending artistry with technical precision as I refine every detail to ensure the design is both beautiful and wearable. Once the vision is clear, I work with skilled artisans to bring the piece to life, translating my sketches into prototypes and carefully setting each stone by hand. The final step is always a moment of quiet satisfaction—polishing, inspecting, and perfecting the piece so it can be worn as a true expression of individuality and elegance.
What gemstones are you personally drawn to, and why? Do you have a favorite metal to work with?
I am deeply drawn to the expressive beauty of emeralds and rubies. These gemstones are not only rich in color and symbolism but also offer a timeless elegance that aligns with my design philosophy. Emeralds evoke a sense of renewal and sophistication, while rubies bring warmth and passion. My favorite metal to work with is white gold, chosen for its clean, luminous finish and ability to enhance the brilliance of colored gemstones. It provides a modern yet classic foundation, allowing my designs to feel both luxurious and wearable.
How do you ensure that each design retains a sense of individuality while maintaining the brand’s signature style?
For me, every design begins with a unique inspiration—sometimes it’s the character of a gemstone, a fleeting moment in nature, or a personal memory. I strive to let each piece have its own voice, while still reflecting the signature elegance and expressive forms that define Valani Atelier. By collaborating closely with artisans and refining every detail, I ensure that individuality shines through, yet each creation remains unmistakably part of my brand’s story.
Is there a particular piece or collection that you feel best embodies the essence of Valani Atelier?
The Andromeda collection. My fascination for celestial formations began while star gazing at night with my young son. Peering through a tiny lens, we witnessed how newly formed star clusters lay in the center of a nebulae. The Andromeda series attempts to capture a glimpse of the galaxy by aligning magnificent center gemstones to fancy cut trillions and brilliant rounds.
In a market increasingly driven by trends, how do you ensure commercial viability without compromising artistry?
I design with longevity in mind, favoring classic silhouettes and enduring materials like emeralds, rubies, and gold. Yet, I stay attuned to evolving tastes by incorporating subtle trend-forward elements, such as modern cuts, asymmetry, or unexpected color pairings. By offering limited-edition collections and custom design services, I preserve artistic freedom while meeting market demand. This model allows me to experiment creatively without overproducing or diluting my brand identity.
What challenges do independent jewelry designers face when scaling a brand globally?
Scaling a jewelry brand globally brings unique challenges, especially when it comes to adapting designs for different cultures. For example, when I introduced the Andromeda collection in Texas, I noticed that clients were drawn to pieces with bold, vibrant gemstones and larger, statement settings—reflecting the region’s love for expressive style and individuality. This experience taught me the importance of listening to local preferences and being flexible with my designs, while still staying true to the core identity of Valani Atelier. Balancing universal appeal with local relevance is an ongoing journey, but it’s also what makes global expansion so rewarding.
How do you see the role of storytelling and branding in attracting today’s luxury consumer?
Today’s luxury consumer, especially Gen Z, is drawn to authenticity, individuality, and sustainability. I embrace this shift by sharing the real journey behind each piece—from my sketches to the final creation. By highlighting my creative process, ethical sourcing, and artisan craftsmanship, I build trust and emotional connection with younger audiences. I meet them where they are—online—through visually rich storytelling, behind-the-scenes content, and interactive experiences that make the brand both aspirational and accessible.
Have you noticed a shift in what younger clients look for in fine jewellery compared to older generations?
Younger clients seek versatility, meaning, and design-forward pieces that reflect their identity, while older generations often prioritize heritage, investment value, and classic elegance. I strive to bridge these preferences by offering pieces that are artistically timeless yet emotionally current, appealing across generations while staying true to my brand’s DNA.
Closing remarks and message to young jewelry designers
Your creativity is your compass. In a world full of trends and noise, stay rooted in your vision. Let your designs speak not just through beauty, but through the stories you tell, the materials you choose, and the values you uphold. Remember: every sketch is a seed, every gemstone a voice, and every finished piece a reflection of your soul. Keep designing with intention, and the world will listen.
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