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Gold Buying Statistics India 2026: Demand, Imports, Consumer Trends

Oct 22, 2026

Esha Saxena

India’s gold demand reached 131 tonnes in Q2 2026, down 6% from the same period last year. But despite the decline in volume, spending on gold grew 50% to ₹1.979 trillion as consumers continued to buy gold at higher prices.

As gold prices rise, the way Indians buy gold is changing too. Consumers are adjusting the jewelry they choose and exploring different ways to invest in gold. This blog covers the latest gold statistics in India for 2026, including demand, imports, prices, and investment trends.

Gold Buying Statistics India 2026 (Editor’s Picks)

• India’s total gold demand stood at 131 tonnes in Q2 2026, down 6% year over year.
• Jewelry demand reached 75.1 tonnes, equivalent to around 57% of total gross gold demand. On a net-demand basis, jewelry accounted for 50%.
• India’s investment demand reached 54 tonnes in Q2 2026, covering gold bars, coins and ETFs.
• India imported $2.3 billion worth of gold in August 2026, down about 58% year over year.
• India’s gold ETF holdings reached 121.3 tonnes in August 2026, with total assets worth ₹1.912 trillion.
• Estimated digital gold purchases averaged 1.6 tonnes per month from June to August 2026, with August purchases up 110% year over year.

Source: World Gold Council, Outlook Money

Brief Overview of Gold in India

How Much Gold Does India Buy?

India recorded 281.5 tonnes of gold demand in H1 2026, including 150.6 tonnes in Q1 and 130.9 tonnes in Q2. H1 demand was 1.8% higher than the same period in 2025. 

India’s gold demand has generally stayed between 700 and 800 tonnes in recent years, except during the pandemic. Demand fell to 446 tonnes in 2020 before recovering to 797.3 tonnes in 2021. 

In 2025, total gold demand stood at 710.9 tonnes, down 11% from 802.8 tonnes in 2024. 

India’s Gold Demand by Year

Source: World Gold Council

How Much Gold Jewelry Do Indians Buy?

India’s jewelry demand reached 75.1 tonnes in Q2 2026, down 15% from 88.8 tonnes in Q2 2025. H1 jewelry demand stood at 141.2 tonnes, down 17% year over year.

Despite lower volumes, jewelry spending remained strong. The value of jewelry demand increased 34% year over year to ₹1.132 trillion in Q2 2026.

Gold Jewelry Demand in India

Jewelry demand has fallen as gold prices have risen. Annual jewelry demand dropped 24% in 2025 to 430.5 tonnes, its lowest level in nearly three decades apart from the pandemic-affected 2020 period.

In Q2 2026, consumers continued to adjust by choosing lighter-weight jewelry, studded designs and lower-carat products. Exchange schemes also became more important as people used old gold to fund new purchases.

Why Do Indians Buy Gold?

Gold buying in India is closely linked to jewelry, weddings, festivals, gifting and investment. Weddings are particularly important to the market, with the World Gold Council estimating that they account for around 50% of annual gold demand in India. 

Festivals are another major reason Indians buy gold. Demand tends to be concentrated between September and January, when the festive, wedding, and harvest seasons overlap. The World Gold Council estimates that around 40 to 60 tonnes of gold is sold during Diwali and Akshaya Tritiya combined. 

How Much Gold Does India Import?

Gold imports reached $71.98 billion in FY2025-26, up 24% from the previous year. However, the quantity imported fell from 757.09 tonnes to 721.03 tonnes, showing how higher prices increased the import bill even as physical volumes declined.

In August 2026, gold imports fell to $2.3 billion, down 58% year over year and 45% from July. The World Gold Council estimates gross import volumes at around 15 to 20 tonnes for the month.

India’s Gold Imports

Gold accounted for around 3% of India’s total merchandise imports in August 2026, down from 9% a year earlier. The sharp drop was linked to weaker demand and lower gold imports during the month. 

Source: Business Standard

Which Countries Supply Gold to India?

Switzerland is India’s largest source of imported gold, followed by the UAE and South Africa. 

During April-February FY2025-26:

Gold from these countries enters India’s jewelry and bullion supply chain through refineries, bullion dealers and other import channels.

NITI Aayog data also shows the importance of the UAE and Switzerland in India’s broader gems and jewelry import network, with the UAE, Switzerland and Hong Kong together supplying more than 60% of the sector’s imports in 2024.

Source: The Week

How Much Does Gold Cost in India in 2026?

The average gold price on the Multi Commodity Exchange of India (MCX) reached ₹150,733 per 10 grams in Q2 2026, up 59% from the same quarter a year earlier.

By the end of August 2026, the domestic gold price had risen to ₹158,854 per 10 grams. The World Gold Council reported that prices then fell 4.6% between the end of August and September 11.

For a more recent benchmark, the India Bullion and Jewelers Association (IBJA) listed the September 21 price of 24-carat gold at ₹153,727 per 10 grams, excluding GST. The price for 22-carat gold was ₹140,814 per 10 grams.

Gold jewelry can cost more than these rates because the final price also depends on GST, making charges, the jeweler, location and purity.

How Much Gold Do Indians Buy as an Investment?

India’s investment demand includes gold bars, coins and ETFs.

Investment demand reached 54 tonnes in Q2 2026, down from an average of 100 tonnes over the previous three quarters but still above the long-term quarterly average of 49 tonnes. 

Bar and coin demand stood at 50.3 tonnes in Q2 2026, up 9% year over year. H1 bar and coin demand reached 112.5 tonnes, the strongest first half since 2013.

Jewelry vs Investment Demand

Sources: World Gold Council

Jewelry demand fell by 24% in 2025, while investment demand rose 17%. Investment demand made up roughly 40% of India’s total gold demand in 2025, compared with around 25% in a typical year. 

How Popular Are Gold ETFs in India?

Gold ETFs have grown significantly in India over the past five years. Holdings increased from 38 tonnes in 2022 to 121.3 tonnes by August 2026, more than tripling during the period. 

India’s Gold ETF Holdings

*As of August 2026.

Gold ETFs also saw huge demand in 2026. H1 gold ETF demand reached a record 24 tonnes, up 163% from the same period a year earlier. By August, total ETF assets had reached ₹1.912 trillion, while August inflows rose 67% month over month to ₹25.97 billion.

The number of ETF folios reached 12.54 million by the end of August. However, only around 4,000 new folios were added during August, compared with an average monthly increase of about 330,000 between January and July.

Sources: World Gold Council

How Popular Is Digital Gold in India?

Digital gold purchases averaged ₹25 billion per month from June to August 2026, equivalent to an estimated 1.6 tonnes of gold per month. August purchases were 110% higher than a year earlier.

Digital gold is different from gold ETFs because the purchase represents an interest in physical gold held through the digital-gold provider’s arrangement, while an ETF is a regulated market investment product traded through the financial market.

In 2025, digital gold purchases in India reached 13.5 tonnes, up 69% from the previous year, according to World Gold Council data reported by The Economic Times.

How Much Gold Do Indians Recycle or Exchange?

India recorded 31.2 tonnes of recycled gold in Q1 2026, up 20% from the same period a year earlier and 44% from the previous quarter.

Recycling had fallen to 92.7 tonnes in 2025, down 19% from the previous year despite the sharp rise in gold prices. The World Gold Council linked the decline partly to consumers holding on to their gold in anticipation of further price increases.

Old-gold exchange also became more common as gold prices rose. In Q2 2026, retailers reported a 10-20% increase in exchange volumes, with exchanged gold accounting for as much as 70% of sales at some retailers.

Source: Federal, Fortune India

Who Are the Major Gold Jewelry Companies in India?

India’s organized jewelry market includes major chains such as Tanishq, Malabar Gold & Diamonds, Kalyan Jewelers, Senco Gold and Joyalukkas.

In 2025, Titan, which operates Tanishq, held around 8% of India’s overall jewelry market by value, while Malabar Group and Kalyan Jewelers each held around 5%. The organized segment continues to account for a growing share of India’s jewelry market.

India’s Gold Demand Compared With Other Countries

In Q2 2026, India was the world’s largest gold jewelry market, accounting for 27% of global jewelry demand. India’s jewelry demand was 75.1 tonnes, compared with 50 tonnes in mainland China.

India and China show different buying patterns. India recorded higher jewelry demand in Q2 2026, at 75.1 tonnes versus 50 tonnes in China. China, however, had more than twice India’s bar-and-coin demand, at 107.2 tonnes versus 50.3 tonnes. 

Frequently Asked Questions

How much gold does India buy every year?

India’s total gold demand was 710.9 tonnes in 2025, down 11% from 802.8 tonnes in 2024. H1 2026 demand stood at 281.5 tonnes. 

How much gold does India import in 2026?

India imported $2.3 billion worth of gold in August 2026, down 58% year over year. The World Gold Council estimates gross import volumes at around 15-20 tonnes for the month.

How much gold jewelry do Indians buy?

India’s jewelry demand reached 430.5 tonnes in 2025 and 75.1 tonnes in Q2 2026.

Why do Indians buy so much gold?

Gold is bought for jewelry, weddings, festivals, gifting, investment and wealth preservation. Weddings and festivals remain important occasions for gold purchases in India. 

Are Indians buying more gold ETFs?

Gold ETF holdings reached 121.3 tonnes in August 2026, while H1 ETF demand reached a record 24 tonnes, up 163% year over year.

Is digital gold popular in India?

Digital gold purchases averaged an estimated 1.6 tonnes per month from June to August 2026, while August purchases were 110% higher than a year earlier.