Archive · 7 Jan 2026
India's Gold Jewellery Market Thrives
India has a lot of gold, about 25,000 tonnes, which is like a safety net for the country's economy.
This gold is worth almost as much as everything India produces in a year.
The government and banks can use this gold to help keep the currency stable and give loans to people when times are tough.
Not much of this gold is used yet, so there's plenty left to help in the future.
This gold also helps people spend money when they don't have much income, keeping the economy steady.
Jewellery is also seen as a wealth asset by 86% of Indians, and people are buying it for both investment and fashion.
Younger people prefer lightweight and minimalist jewellery, and silver is becoming more popular.
Titan, a big jewellery company, had a 40% increase in sales in the last quarter, showing that people are buying more jewellery.
Gold and silver prices have gone up a lot, and people are investing in them for safety and potential gains.
The stock market is also doing well, but people are being careful about where they invest.
India's household gold stockpile is estimated at 25,000 tonnes, worth about 80% of India's GDP.
The RBI increased gold purchases in 2025, helping to stabilize the rupee and external balance.
Only a small fraction of household gold is used as collateral, leaving room for growth in gold-backed lending.
Gold-backed credit supports household consumption during economic downturns.
The gold stockpile acts as a latent capital source, available in times of stress but not fully utilized during booms.
86% of Indians view jewellery as a core asset for wealth creation, almost at par with market-linked instruments like mutual funds and equities.
About 56% of respondents purchase jewellery both as an investment and a fashion accessory, while 28% buy it purely for investment purposes.
Younger consumers prefer lightweight, minimalist jewellery and are diversifying into silver and platinum.
Titan Co Ltd reported a 40% year-on-year growth in standalone revenue during the December quarter of FY26, driven by surging gold prices and increased sales of gold coins and studded jewellery.
Gold and silver prices surged in 2025, with gold prices ending the year at Rs 1,37,700 per 10 grams and silver at ₹2,39,000 per kg in the domestic market.
- Who
- Indian households, Reserve Bank of India (RBI), Titan Co Ltd, Deloitte India, Shriram Wealth
- What
- India's gold jewellery market thrives, with significant growth in sales and changing consumer preferences
- When
- 2025 and 2026
- Where
- India
- Why
- To support currency stability, financial resilience, and consumption during global uncertainty, and to adapt to evolving consumer behaviour
- Household Gold Stockpile
- 25,000 tonnes
- Market Value of Household Gold
- 80% of India's GDP
- RBI Gold Purchases
- Stepped up in 2025
- Gold-Backed Lending
- Low utilization, significant headroom for growth
- Gold as Collateral
- Low proportion used, potential for increased lending
- Consumption Support
- Gold-backed credit helps stabilize demand during downturns
- Currency Stability
- Household gold and RBI purchases support rupee and external balance
- Jewellery as Wealth Asset
- 86% of Indians view jewellery as a core asset
- Jewellery Purchase Motives
- 56% for investment and fashion, 28% purely for investment
- Preferred Jewellery Styles
- 49% prefer lightweight, minimalist jewellery
- Silver Preference
- 51% of Gen Z prefer silver
- Jewellery Purchase Occasions
- 38% of millennials buy for birthdays and anniversaries
- Offline Jewellery Purchases
- Over 85% of jewellery purchases completed offline
- Titan Q3 Revenue Growth
- 40% YoY growth in Q3FY26
- Titan Jewellery Division Growth
- 41% YoY growth in Q3FY26
- Gold Coins Sales Growth
- Nearly doubled in Q3FY26
- Studded Jewellery Growth
- Double-digit growth in the mid-twenties
- Titan Store Additions
- 47 new stores in jewellery business, total 1,167
- Titan International Business Growth
- 81% YoY growth in Q3FY26
- Gold Price Surge
- Gold prices surged in 2025
- Silver Price Surge
- Silver prices surged 147% in 2025
- Equity Market Performance
- Indian equities underperformed global peers in 2025
Sources
Can gold repeat its 2025 rally? DSP MF on investing myths on risk and returns
I'll Put 50-60% In Equities, But NOT In Large Caps: Radhika Gupta On 2026 Stock Market Outlook
India’s household gold stockpile emerges as key macroeconomic shock absorber
2026 looks harder for Pakistani investors amid growing uncertainty
Titan posts 40% revenue growth in December quarter on jewellery-led surge - Telegraph India
Is jewellery a wealth asset? Deloitte data shows 86% Indians say yes
2026 investor playbook: Gold for safety, silver for upside, equities for returns here's what to buy
Gold Price Surge & Premiumisation Lift Titan Q3 Revenue To 40%
