India’s Gold Jewellery Demand Falls 15% in Q2 2026

In the second quarter of 2026, people in India bought 15% fewer gold jewellery pieces than the same time last year, buying only 75 tonnes.

The main reason was that gold was very expensive, so many people delayed buying or chose lighter, cheaper pieces.

Even though the amount bought in the second quarter was 14% higher than the first quarter, it was still less than a year earlier.

For the first half of the year, the total amount of gold jewellery bought fell 17% compared with last year, but the money spent went up 26% because prices were higher.

Central banks, including India’s Reserve Bank, bought a lot of gold to add to their reserves, buying 289 tonnes in the quarter, which is 62% more than a year before.