India’s gold demand fell 16% year-on-year in the third quarter of 2025, marking a sharp slowdown during what is typically the country’s busiest festive season. According to recent data, the fall was largely driven by record-high gold prices, which deterred consumers from making traditional jewellery purchases — a central feature of Indian celebrations and weddings. Advertisement

With gold prices hovering near historic highs, many families chose to delay or scale back jewellery buying, impacting sales across both urban and rural markets. Retailers, who usually rely on festival-led spending, reported muted footfall despite offering discounts and lighter-weight designs. Smaller jewellers were hit hardest, while larger chains shifted focus to gold coins and investment-linked products.

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