Bars & coins hit 41% of India's gold demand in Q1 CY26 as jewellery share crashes to 25-year low

Investment-grade gold (bars and coins) accounted for 62.3 tonnes or 41% of India's Q1 CY26 gold demand, up from 34% a year ago, per World Gold Council. Jewellery's share slumped to 30%, a 25-year low. Total value hit $10B, a 129% YoY jump. ETF inflows added 19.9 tonnes, signalling a structural pivot from adornment to portfolio allocation.

— Source publishedTue, 19 May, 2026, 06:30 IST·First seen Tue, 19 May, 2026, 06:35 IST·Source The Hindu BusinessLine

What happened

World Gold Council · Gold bars and coins made up 41% of India's gold demand in Q1 CY26 at 62.3 tonnes, signalling a structural shift toward investment buying as

Key facts

  • 62.3 tonnes Q1 CY26
  • 41% share
  • 34% Q1 CY25
  • 280 tonnes 2025
  • 161 tonnes 2016
  • ETF 19.9 tonnes
  • $10 billion Q1 CY26
  • 129% value growth
  • investment 70%
  • jewellery 30%

Why this matters

Scout bolt-on targets in digital gold, vaulting, and bullion distribution now—jewellery-heavy incumbents will need inorganic moves to rebalance toward the 41% investment pool before valuations reset.