For nearly two decades, Mumbai homemaker Prachi Kadam marked every festive season with a gold jewellery purchase, blending tradition with personal style. With prices heading for their biggest annual gain in 46 years, consumers are increasingly turning away from jewellery toward small coins and bars. Indian domestic gold prices climbed 77% this year, outpacing the Nifty 50 index's 9.7% gain, aided by a 5% fall in the rupee against the dollar. "Consumers are purchasing gold in the form of coins, bars, or gold ETFs, assuming that the rally will continue," Kothari said. Leading industry consultancy Metals Focus expects the softness in India's jewellery demand to carry into 2026, with full-year jewellery consumption projected to decline by a further 9%.

Source: The Telegraph December 31, 2025 13:34 UTC