JB Insights
WGC REPORT: India gold market update: Seasonal strength
Highlights
- Gold prices soften from record highs yet remain supported
- Domestic prices slide back into discount
- Gold demand, led by investment buying, strengthened during the festive period, but softened thereafter
- Gold ETFs continue strong momentum in October with record inflows and new investors
- Gold imports soar in October, despite the price rally
Looking ahead
- The busy wedding season over the coming months (November–March), with a high number of anticipated weddings, is expected to support jewellery demand.
- Investment interest in gold is likely to persist amid broadly bullish sentiment around gold.
Prices retreat from peak, but maintain firm trend

International gold price1 recorded a sharp rally in October, hitting its 50th record high of the year during the month. Although price eased by about 7% from the peak, it still ended October 5% higher at US$4,011.5/oz. The momentum carried into November, with price up nearly 3% m-t-d as of 19 November. This sustained performance has lifted gold’s y-t-d gains to 58%.
Our Gold Return Attribution Model (GRAM) suggests that recent movements in international gold prices have been driven by geopolitical risk, higher implied volatility, a stronger US dollar, as well as momentum and evolving interest-rate expectations.
Domestic gold prices have largely tracked the international trend but have delivered even stronger returns, recording 63% y-t-d growth. The higher domestic gains are attributed to the 3.3% depreciation of the Indian rupee. Domestic gold prices, which had mostly traded at par with, or at a premium to, the international price over the past two months, shifted to a discount following the peak festive demand period (Chart 2), with the m-t-d2 discount averaging US$18/oz.
Festive demand shines, tapers after

Festive demand around Diwali and Dhanteras3 – India’s peak gold-buying occasions – was reportedly strong despite record-high prices, according to feedback from industry stakeholders. Market participants consistently highlighted that the strength was driven primarily by investment-oriented buying, particularly bars and coins, with some noting volume nearly doubling from a year ago. E-commerce platforms also saw solid sales,4 and digital gold purchases rose too. Unified Payments Interface (UPI) data shows digital gold purchases increasing 62% m/m to INR22bn (US$259mn) in October.5 In tonnage terms, the volume rose 45% m/m to 1.8t.
Jewellery sales also held up well during the festive period, with retailers reporting healthy sales across both single-store and large multi-store formats, the latter benefitting from brand trust and promotional initiatives. Although jewellery volumes were softer due to elevated prices, the overall value of sales remained healthy, reportedly up by around a quarter y/y for many, reflecting resilient festive buying sentiment.
Post-Diwali, demand has reportedly softened. Industry feedback suggests market activity in November has been subdued, despite the onset of the wedding season. Jewellery buying is largely wedding-driven, while investment demand persists. Supply of old gold into the market has reportedly moderated. Trade participants attribute this to consumers having exhausted surplus gold for immediate needs and now choosing to hold onto jewellery in expectation of further price gains. Jewellers remain cautiously optimistic that the ongoing wedding season (November–March) will boost jewellery sales, given the expected large number of weddings.
ETFs: persistent strong inflows

October marked the sixth consecutive month of strong inflows into Indian gold ETFs, emphasising the growing appeal of gold as an investment asset in various forms.
Net inflows for the month were INR77bn (US$876mn), a modest 8% decline from the previous month, largely in line with our estimates.7 Despite this moderation, the figure remained significantly higher than the y-t-d average of INR28bn (US$315mn). The dip was primarily due to a sharp rise in redemptions, which hit a record INR21bn (US$244mn). This surge in redemptions was likely driven by profit-taking following the rally in gold prices. Gross inflows for the month, however, set a record at INR99bn (US$11bn). The exceptional rise in gold prices likely drew investor attention, contributing to the strong inflows, while ongoing safe-haven demand further reinforced this trend. Net inflows have continued into November, reaching INR24bn (US$269mn) during the first 17 days of the month.8
The first 10 months of 2025 have been particularly strong for gold ETFs, with cumulative inflows totalling INR276bn (US$3.1bn) – the highest annual inflows on record. This surpasses the total inflows from March 2020 to December 2024. This unprecedented demand has propelled the assets of these funds to historic levels. As per AMFI data, as of end October, the assets under management (AUM) of gold ETFs climbed to a record INR1,021bn (US$11.5bn) and gold holdings rose to 83.5t,9 nearly a third of which were added in 2025 alone.
The growing interest in gold ETFs was further evidenced by the increase in new investors. In October, a record 911,000 new accounts (folios) were added, bringing the total number of folios to 9.57mn, reflecting a 49% increase y-t-d.
In addition to the strong performance of existing gold ETFs, the market saw the launch of a new gold ETF in October,10 bringing the total number of gold ETFs in India to 23.
Imports surge to new peak in October despite price rally
Gold imports registered a sharp surge in October, marking the fourth consecutive month of growth in both value and volume terms. Notably, the increase occurred despite domestic gold prices touching record highs – rising 60% y/y and 11% m/m11 – indicating resilient domestic demand. In value terms, imports climbed to US$14.7bn, the highest on record, translating into a ~200% y/y and 53% m/m increase. Import volumes also rose substantially, with inflows estimated at 137–142t, compared with 102t in September and 61t a year earlier. The October surge was largely driven by seasonal factors, i.e. the Diwali festivities and the onset of the wedding season.
On a y-t-d basis, gold imports have totalled US$51bn, an increase of 16% y/y. In contrast, the import volumes, estimated at around 559t, are down 12% from a year ago, reflecting the impact of elevated gold prices.
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
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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