

Global jewellery demand fell 17% in H1FY26 due to record-high prices, yet India maintains its status as the world’s top consumer. Discover why investors are pivoting toward a 60% surge in gold bars, coins, and ETFs amid market volatility.
Even though buyers are turning away from traditional gold jewellery, interest in investment-grade gold has exploded. Purchases of gold bars, coins, and ETFs jumped by 60% in the first half of this year. That’s on top of a huge 74% spike in investment demand last year. With geopolitical tensions dragging on and worries about inflation piling up, gold isn’t just jewelry anymore. Investors now see it as a shield for their money.
The report also sets the record straight on where India stands. In 2025, India emerged as the world’s largest gold jewellery consumer in FY2025, surpassing China. But local shoppers weren’t immune to high prices, either. Jewellery demand in India fell by about 26% compared with last year’s numbers in the same period—a lot sharper than the global average. Still, thanks to India’s strong cultural ties to gold and the rapid growth of organized jewellery retail, India keeps its top spot.