In calendar year 2025, the investment share of gold consumption in India surged to 42%, up from 29% in the previous year, reflecting a global trend where total gold demand reached a record 5,000 metric tonnes. This increase is largely attributed to strong investments in gold exchange-traded funds (ETFs) and bar-and-coin purchases, driven by safe-haven demand amid geopolitical uncertainties and rising prices. Globally, gold ETFs contributed over 800 metric tonnes to the investment demand, highlighting a shift in consumer behavior towards investment rather than jewellery purchases. The jewellery sector saw its share of gold consumption decline to 33%, significantly lower than the long-term average of 50%. In India, jewellery consumption fell below 60% of total gold purchases, marking a shift from the historical average of 70%. Despite these trends, Indian jewellery demand remained resilient, with a 10% year-on-year increase in value to ₹4.8 lakh crore in CY25. However, volume declined by 15%, indicating a price-sensitive market where consumers are opting for lighter and lower-carat jewellery. Looking ahead, CareEdge Ratings projects that organised jewellery retailers will report revenue growth of over 35% in FY26, supported by new store openings and market share gains from formalisation in the sector.