ICRA: India’s gold jewellery consumption set for double-digit growth despite volume dip

Gold jewellery consumption in India is projected to expand by a significant 12-14 per cent in value terms in fiscal year 2026, according to a recent report by ICRA. Gold prices surge by 33 per cent in FY25 and will continue to surge in FY26, according to ICRA.

“This will be supported by continued gold price appreciation, planned retail expansion, and market share gains from the unorganised segment. A higher number of auspicious days in the fiscal is also expected to lend some support to demand, despite elevated prices and declining volumes,” said Jitin Makkar, Senior Vice President and Group Head, ICRA.

The previous fiscal year saw a substantial 28 per cent increase in the value of gold jewellery consumption, largely driven by a 33 per cent surge in gold prices. ICRA anticipates a similar pattern in the current fiscal, with gold prices currently trending approximately 20 per cent higher than the FY2025 average.