Is Gold Jewellery Becoming Unaffordable?


Gold jewellery demand in India dropped by 25% year-on-year in Q1'2025, falling to a decade-low of 71.4 tonnes, according to the World Gold Council. This decline is largely driven by record-high gold prices, making it less affordable for consumers.

Historically, India has been a major gold consumer, but recent trends show a steady decline from 190.9 tonnes in Q1'10 to just 71.4 tonnes now. Economic pressures, changing consumer preferences, and high import duties are contributing to this drop.

As affordability continues to be a concern, the industry may see a shift toward lighter jewellery, digital gold, and gold-backed investments.

 

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