JB Insights
WGC releases ‘India Gold Market – Reform and growth’
The World Gold Council (WGC) has published a new report titled ‘India Gold Market – Reform and growth’. The report explores the key factors that shape India’s gold demand and supply, as well as the challenges and opportunities for the future. The new report covers various aspects of India’s gold market, such as: The drivers of Indian gold demand, jewellery demand and trade, jewellery market structure, gold investment market and financialisation, bullion trade, gold refining and recycling, and gold mining in India.
In the report foreword, Juan Carlos Artigas, Global Head of Research, World Gold Council, said: “In 2017 we produced “India’s Gold Market – evolution and innovation’. A lot has changed since that report was published. This compendium of updated reports delves deeper into key factors that underpin India’s position as the second largest gold consumer in the world: it studies the drivers of gold demand and the perception of consumers; it examines the new investment landscape: and it considers the complex issue of gold supply.
“Few of the global events that have rocked societal and geopolitical stability could have been imagined when our 2017 report was published. That India has had to adapt is not surprising, but the rate at which change is happening in the country is, arguably, unprecedented.
“Despite – or perhaps because of – macroeconomic uncertainties, India’s population resolutely turns to gold. Weddings and festivals are key drivers of gold demand and the country is one of the world’s largest bar and coin markets. There is no doubt that gold retains prominence in the social and financial life of many Indians, both urban and rural.
“The years ahead will present challenges. But rather than thinking them onerous, we believe there is tremendous opportunity for gold. Regulation of India’s jewellery industry has already made huge strides in building consumer trusts. If new export markets can be developed, the current fragile platform – 90% of jewellery exports go to just five countries – will be diluted. More accessible banking offers a possibility to reach investors who have long understood gold’s safe-haven qualities but now find themselves negotiating a plethora of choice. And in the longer term, the Gold Monetisation Scheme, proposed legislative changes in the mining industry, and resolution of recycling traceability issues may reduce India’s reliance on imported gold.
“As we look ahead with optimism, the insights in this report will help us ensure that gold retains or even increases its relevance to India’s economy – generating further employment and continuing to play its roles as an adornment and an effective portfolio diversifier and hedge against inflation
JB Insights
Dhanteras Gold Business Across India Estimated at Approximately ₹60,000 Crore – A Promising Start for the Jewellery Industry: GJC
GJC issued a statement on Dhanteras, which said they are receiving very encouraging reports from all regions across India.After a considerable period, our jeweller fraternity has witnessed such positive business momentum.
This is statement from Rajesh Rokde,Chairman-All India Gem & Jewellery Domestic Council (GJC)
The total gold business across India on the occasion of Dhanteras is estimated to be approximately ₹60,000 crore, according to our preliminary assessment. Compared to last year, the business is expected to register a growth of around 15–20% in value terms.
If we look at the business in terms of volume, it is expected to remain almost at the same level as last year, while in value terms, we are witnessing an increase of approximately 15%. Certainly, this is a very encouraging start for the jewellery industry.
This year, jewellery stores across the country opened as early as 8:00 AM on Dhanteras, and we witnessed tremendous enthusiasm among customers.
We had anticipated a good Dhanteras this year, as Dhanteras is considered one of the most auspicious occasions among the three-and-a-half auspicious muhurats in the Hindu calendar. There is a deep-rooted religious and cultural tradition of purchasing gold and other valuables on this day. It is also traditionally believed that purchases made on Dhanteras bring thirteenfold prosperity.
According to Hindu mythology, Lord Dhanvantari emerged from the Samudra Manthan carrying the Amrit Kalash on this auspicious day. Therefore, Dhanteras holds immense significance in our culture and traditions. This cultural and religious connection is one of the key reasons why people across the country enthusiastically participate in shopping on this occasion.
Another positive factor this year is that both Dhanteras and Diwali fall at the beginning of the month, with Dhanteras on November 6 and Diwali on November 8. By this time, most people have received their salaries and festive bonuses. This has resulted in healthy cash flow in the market, encouraging consumers to shop enthusiastically.
Another positive factor for the gold market is that gold prices have been relatively lower over the past four to six months, which has further increased consumer interest and purchasing sentiment.
Looking at gold prices over the past few years, gold was approximately ₹60,000 per 10 grams in 2023, which increased to around ₹80,000 in 2024. In 2025, it reached approximately ₹1,15,000–₹1,20,000 per 10 grams, while this year it is trading at around ₹1,42,000 per 10 grams.
This clearly reflects the strong returns that gold has delivered over the past few years as an investment asset. Silver has also witnessed significant appreciation.
We are optimistic that the coming days will bring excellent business opportunities for the jewellery industry, with the festive season being followed by a strong wedding season.
Overall, we are receiving very encouraging reports from all regions across India. Personally, I am delighted that after a considerable period, our jeweller fraternity has witnessed such positive business momentum.
I sincerely thank all our customers across the country, Indian consumers, and everyone who has continuously supported the Gems and Jewellery Industry for their tremendous response and trust.
The Customer is God, and it is their trust, confidence and love that will continue to take our jewellery industry to greater heights.
Dhanteras Gold Business Across India Estimated at Approximately ₹60,000 Crore – A Promising Start for the Jewellery Industry: GJC
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