India's gold market shifts: jewellery demand falls 26% as digital gold txns surge 173%
India's $39.7B gold market, projected to hit $68B by 2032, is rebalancing. H1 FY26 jewellery consumption dropped 26% while bars and coins rose 14% and digital gold transactions jumped 173% to Rs 2,079 cr. South India still drives 40% of demand, but the buyer is moving from ornament to investment.
India's gold market, valued at $39.7B in 2025, is projected to hit $68B by 2032. Jewellery demand fell 26% in H1 FY26 while bars/coins rose 14% and digital gold transactions surged 173%, signaling shift toward investment-grade and organised retail.