Commodities

India Gold Imports Set to Drop as High Prices Hit Jewelry Demand

Global jewelry consumption volumes slumped to a five-year low in 2025. — Global jewelry consumption volumes slumped to a five-year low in 2025.
Photographer: Dhiraj Singh/Bloomberg

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By Preeti Soni

January 29, 2026 at 6:00 AM UTC

India’s gold imports are expected to fall this year as record prices crimp demand for jewelry in the world’s second-largest bullion market after China, according to the World Gold Council.

Bullion imports dropped 11% to 710.9 tons in 2025 and may decline to between 600 and 700 tons in 2026, the WGC said in a report released on Thursday.