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WGC India gold market update: Investment upheld amid seasonal lull

Global factors supported prices early in June, but investor risk appetite limited gold’s rally

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Gold prices lost momentum toward the end of June, closing the month with modest gains of 0.3% at US$3,287/oz. Earlier in the month, prices were supported by a weaker dollar, heightened geopolitical tensions, softer US Treasury yields, and increased inflows into gold ETFs. However, growing risk-on sentiment among investors capped any further upside.

Leading listed gems and jewellery companies delivered a strong performance in the April–June quarter, reporting a y/y revenue growth between 18% and 31%. This growth was largely price-led even as volumes remained flat or moderated. A ~32% y/y rise in gold prices during the quarter and key festivals  and wedding demand during April-May boosted sales revenue.

Festive season is anticipated to drive a recovery in jewellery demand from mid-August, while investment buying is expected to remain steady.

Highlights:

  • Seasonal weakness weighs on jewellery sales; investment buying gains ground
  • Gold extends gains in July, remains top performer with y-t-d gains of 28%.
  • Listed jewellers post double-digit revenue growth in April -June quarter despite flat or lower volumes
  • Gold ETFs record second-highest monthly inflows in June
  • After a two-month pause, RBI makes a modest gold purchase in June
  • Gold imports drop to a 14-month low in June.

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National News

Mia by Tanishq Joins Hornbill Festival 2025 Nagaland as Style Partner, Celebrating Stories of Culture, Craft and Contemporary Indian Women

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Mia by Tanishq, India’s leading contemporary fine jewellery brand, has come on board as the Official Style Partner for the Hornbill Festival 2025 – one of the country’s most cherished celebrations of cultural heritage, artistry, community, and creative expression. Through this partnership, Mia brings its “Precious, every day” philosophy to a festival that beautifully mirrors the very values the brand stands for: individuality, confidence, craftsmanship, and the power of personal stories.

Shyamala Ramanan, Business Head – Mia by Tanishq, shared the main dais with the Chief Minister of Nagaland, Ambassadors and Ministers at the inauguration and addressed audiences reinforcing Mia’s leadership and commitment to the region.

Across the 10-day festival at Kisama Heritage Village, Mia by Tanishq curates a dedicated engagement zone. On day three of the event, the brand will unveil special edition “Mia x Hornbill” pendants at the Raj Bhavan, inspired by the spirit of culture, craft, and modern femininity. The brand also offers thoughtfully designed merchandise and product giveaways that enhance the visitor experience while staying true to the festival’s emphasis on heritage, creativity, and community.

Speaking about the collaboration, Shyamala Ramanan, Business Head – Mia by Tanishq, said, Our partnership with the Hornbill Festival reflects Mia’s commitment to celebrating culture, creativity and the evolving narrative of Indian women. The North East – vibrant, distinctive and deeply rooted in artistic expression, has always inspired us, and with Tanishq’s trusted presence in Dimapur, this association strengthens our bond with the region. The ‘Mia x Hornbill’ pendants represent our belief that jewellery is not just adornment, but a powerful medium of identity and self-expression. It is our tribute to the people of Nagaland, whose stories of strength, individuality and cultural pride continue to inspire Mia’s modern design language.”

Mia by Tanishq continues to inspire women across India with trendy, modern, expressive designs crafted for every moment and story, and the association reinforces a renewed commitment to celebrating the everyday stories of women in the Northeast through jewellery that honours both culture and contemporary self-expression.

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