India’s overall gold demand rose by 5% in 2024 to 802.8 tonnes, compared to 761 tonnes in 2023, according to the latest data from the World Gold Council (WGC). The increase was driven by record-high gold prices, reduced import duties, and strong investment demand.
The total value of gold demand surged by 31% to ₹5,15,390 crore, reflecting rising gold prices. In Q4 2024, demand remained stable at 265.8 tonnes, while its value saw a sharp 37% rise to ₹1,92,080 crore from ₹1,40,480 crore in Q4 2023.
Jewellery demand in India saw a 2% decline in volume, dropping to 563.4 tonnes in 2024 from 575.8 tonnes in 2023. However, its value rose by 22% to ₹3,61,690 crore, demonstrating sustained consumer interest despite price volatility.
During Q4 2024, jewellery demand fell 5% to 189.8 tonnes, yet its value climbed 30% year-on-year to ₹1,37,140 crore. Many purchases occurred in late Q3 following the July duty cut, which partially offset price hikes.
Sachin Jain, Regional CEO, India, World Gold Council said: “The total jewellery demand, in terms of volume, decreased by 2% to 563.4 tonnes in 2024 from 575.8 tonnes in 2023, despite the gold price reaching multiple record highs. This indicates the resilience of gold jewellery demand in India and highlights the effect of the duty cut in July as well as India’s stronger economic growth compared to many other markets. Many consumers purchased gold jewellery in late Q3 when the duty cut mitigated much of the recent price increase. Nonetheless, the value of gold demand during 2024 increased by 22%, illustrating the ongoing demand for gold.”
Gold investment demand saw a remarkable 29% growth, reaching 239.4 tonnes—the highest level since 2013. The value of investment demand surged 61% to ₹1,53,700 crore, underscoring gold’s appeal as a safe-haven asset. Q4 investment demand alone jumped 14% to 76 tonnes, valued at ₹54,940 crore—up 56% from a year earlier.
A correction in gold prices in November attracted investors, while digital gold and ETFs saw growing interest. Major cities also witnessed an increase in e-commerce sales of gold bars and coins.
The Reserve Bank of India significantly boosted its gold reserves in 2024, purchasing 73 tonnes—more than four times its 2023 acquisitions of 16 tonnes.
Jain concluded, “Our outlook for 2025 gold demand is between 700-800 tonnes. It is expected that gold jewellery demand will recover due to wedding-related purchases, provided there is some level of price stability. Additionally, it is anticipated that the trend of robust gold investment demand will continue, with retail investors showing growing interest in gold ETFs, digital gold, and coins and bars.”