In FY2025, global gold jewellery consumption was around 1,779 tons. Greater China and India continue to dominate global gold jewellery consumption, accounting for around 55% of the global jewellery consumption volume in FY2025.

In H1 FY2026, overall gold consumption in India in volume terms declined by 13% on a YoY basis, against 1% YoY growth during FY2025. During H1 FY2026, gold jewellery consumption volume in India contracted by around 26% on a YoY basis (around 7% decline during FY2025), on the back of a sharp rise in gold prices, while investment demand for gold bars and coins, in volume terms, rose by 15% on a YoY basis (around 25% growth in FY2025).

Exhibit 1: Share of gold jewellery consumption by volume (FY2025)