The average price of gold in Mumbai stood at approximately 60,623 Indian rupees per ten grams during the financial year 2024, up from 53,000 Indian rupees per ten grams in the previous year. Nevertheless, the price of gold in the Indian city has experienced an overall increase in recent years.

After three years of decline, the Indian gold market increased by 162% to $X in 2021. In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

The demand for gold across India was about *** metric tons in 2024. This represented an increase of five percent in comparison to the previous year, when the gold demand was *** metric tons. Gold supply Gold demand in India is principally met through imports. India is one of the leading countries for gold imports. In financial year 2022, the value of India’s gold imports was estimated at over *** trillion Indian rupees. The import of gold was a major cause for the country’s trade deficit. To curb imports, the Modi government changed India’s gold import policy. This was done by introducing a higher import duty and allowing import only via nominated agencies which were notified by the Reserve Bank of India and the Directorate General of Foreign Trade. The country produces a minimal amount of its gold needs through local mining. The volume of gold mined in India has remained below * metric tons since financial year 2013, while a small amount is also generated by the recycling the precious metal. Reasons to purchase gold Gold purchases are considered an important source of investment. Weddings and festivals across the country lead to major gold sales. Around ** percent of annual sales come from Deepavali, the Hindu festival of lights. The precious metal is considered auspicious and is worn on important occasions and ceremonies in India, mainly in the form of jewelry. Since 2010, more than *** metric tons of gold jewelry are consumed in the country every year.

This dataset contains the details of the demand supply estimates of gold in India, which includes Gross Bullion imports, Gross Bullion imports (of which doré), Net bullion imports, Scrap, Domestic supply from other sources and Total supply

Note: 1. Domestic supply from other sources indicates supply from local mine production, recovery from imported copper concentrates and disinvestment. 2. Total supply indicates supply can be consumed across the three sectors – jewellery, investment and technology. Consequently, the total supply figure in the table will not add to jewellery plus investment demand for India.

In April 2020, the price of gold in India was 1683.2 U.S. dollars per troy ounce, a decrease compared to the previous year. This can be attributed to the COVID-19 pandemic during which the country was under lockdown. In addition, the gold price in January 2020 was 1560.7 U.S. dollars per troy ounce, which was a decrease compared to the year before.

Bullion Price: Monthly Average: Mumbai: Gold: Standard data was reported at 84,995.000 INR/10 g in Feb 2025. This records an increase from the previous number of 79,079.000 INR/10 g for Jan 2025. Bullion Price: Monthly Average: Mumbai: Gold: Standard data is updated monthly, averaging 9,691.000 INR/10 g from Apr 1990 (Median) to Feb 2025, with 419 observations. The data reached an all-time high of 84,995.000 INR/10 g in Feb 2025 and a record low of 3,285.000 INR/10 g in Jul 1990. Bullion Price: Monthly Average: Mumbai: Gold: Standard data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under Global Database’s India – Table IN.PG002: Memo Items: Bullion Price.

Gold Reserves in India increased to 879.60 Tonnes in the first quarter of 2025 from 876.20 Tonnes in the fourth quarter of 2024. This dataset provides - India Gold Reserves - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In financial year 2022, the consumer demand for gold jewelry in India amounted to 774 metric tons, a decrease from the previous year. The consumer demand of gold jewelry in the country had fluctuated over the years from 2007.

Gold rose to 3,320.86 USD/t.oz on July 1, 2025, up 0.53% from the previous day. Over the past month, Gold's price has fallen 1.80%, but it is still 42.51% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gold - values, historical data, forecasts and news - updated on July of 2025.

NCDEX: Spot Price: Gold Premium/Discount: Ahmedabad: Second Session data was reported at -12.000 USD/Troy oz in 15 May 2025. This records a decrease from the previous number of -11.750 USD/Troy oz for 14 May 2025. NCDEX: Spot Price: Gold Premium/Discount: Ahmedabad: Second Session data is updated daily, averaging -4.000 USD/Troy oz from Jan 2023 (Median) to 15 May 2025, with 578 observations. The data reached an all-time high of 28.000 USD/Troy oz in 23 Jul 2024 and a record low of -78.000 USD/Troy oz in 18 Jul 2024. NCDEX: Spot Price: Gold Premium/Discount: Ahmedabad: Second Session data remains active status in CEIC and is reported by National Commodity & Derivatives Exchange Limited. The data is categorized under India Premium Database’s Price – Table IN.PB001: Commodities Spot Price: National Commodity & Derivatives Exchange Limited.

India IN: International Liquidity: Gold at Market Price data was reported at 16,335.289 XDR mn in 2017. This records an increase from the previous number of 15,285.776 XDR mn for 2016. India IN: International Liquidity: Gold at Market Price data is updated yearly, averaging 2,744.056 XDR mn from Dec 1950 (Median) to 2017, with 68 observations. The data reached an all-time high of 19,414.810 XDR mn in 2012 and a record low of 244.695 XDR mn in 1966. India IN: International Liquidity: Gold at Market Price data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s India – Table IN.IMF.IFS: International Liquidity: Annual.

Get the latest insights on price movement and trend analysis of Gold in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

India: Gold production in kilograms: The latest value from 2022 is 1200 kilograms, a decline from 1220 kilograms in 2021. In comparison, the world average is 35128 kilograms, based on data from 90 countries. Historically, the average for India from 2001 to 2022 is 2339 kilograms. The minimum value, 1200 kilograms, was reached in 2022 while the maximum of 3900 kilograms was recorded in 2005.

Graph and download economic data for Total Reserves excluding Gold for India (TRESEGINM052N) from Dec 1950 to Apr 2025 about gold, India, and reserves.

The dataset contains year- and month-wise compiled data on the average prices of Gold (Standard) and Silver at Mumbai in India

India Import Volume: HS: Gold data was reported at 58,162.000 kg in Oct 2018. This records a decrease from the previous number of 81,707.000 kg for Sep 2018. India Import Volume: HS: Gold data is updated monthly, averaging 62,822.000 kg from Apr 2013 (Median) to Oct 2018, with 67 observations. The data reached an all-time high of 167,460.000 kg in May 2013 and a record low of 15,480.000 kg in Sep 2013. India Import Volume: HS: Gold data remains active status in CEIC and is reported by Directorate General of Commercial Intelligence and Statistics. The data is categorized under Global Database’s India – Table IN.JAA014: Imports by Principal Commodities: Volume.

As of June 2024, Invesco G-ETF was the leading gold ETF company in India in terms of market capitalization. HDFC Gold ETF followed in the second place. Gold ETFs are passive investment instruments that track the physical gold price.

The dataset shows average price in domestic and foreign markets of gold and silver

Note: 1. The data source for this Table for the period till 1999-2000 are Bombay Bullion Association and Press Trust of India. For the period 2000-01 onwards, the data sources are (i) Business Standard/ Business Line and Economic Times, Mumbai/IBJA Website for gold and silver price in Mumbai and LBMA for gold price in London and (ii) Thomson Reuters for silver price in New York. 2. Data provided in this Table for the period 1979-80 to 1999-2000 and 2000-01 to 2020-21 may not be strictly comparable due to different sources of information.

Key information about India Gold Production

• India Gold Production was reported at 1,200.000 kg in Dec 2022.
• This records a decrease from the previous figure of 1,220.000 kg for Dec 2021.
• India Gold Production data is updated yearly, averaging 2,244.000 kg from Dec 1990 to 2022, with 33 observations.
• The data reached an all-time high of 6,200.000 kg in 2000 and a record low of 1,200.000 kg in 2022.
• India Gold Production data remains active status in CEIC and is reported by U.S. Geological Survey. The data is categorized under World Trend Plus’s Association: Metal and Mining Sector – Table WB.USGS.GOLD: Precious Metals: Gold: Production by Country or Locality.

India B2B Gold Jewelry Market Outlook 2032

The India B2B gold jewelry market size was USD 23.8 Billion in 2023 and is likely to reach USD 32.4 Billion by 2032, expanding at a CAGR of 3.5% during 2024–2032. The market is propelled by the increasing demand for gold in India.



Increasing demand for customized designs is expected to boost the market during the assessment period. Businesses are increasingly seeking unique, tailor-made pieces to cater to the diverse tastes of their customers. This trend is driving innovation in design and manufacturing processes, with businesses leveraging advanced technologies, such as 3D printing, to create intricate and personalized designs. Moreover, the growing popularity of lightweight gold jewelry among younger consumers is influencing product offerings in the B2B space.

Growing adoption of digital platforms is another key development in the market. B2B businesses are leveraging online platforms to showcase their products, connect with potential buyers, and streamline transactions. E-commerce platforms are providing businesses with wider reach and greater visibility, thereby driving sales. Additionally, the use of digital technologies, such as virtual reality and augmented reality, is enhancing the buying experience by enabling customers to virtually try on jewelry pieces.



Rising importance of sustainability and ethical sourcing is also shaping the India B2B gold jewelry market. Businesses are increasingly focusing on sourcing gold from responsible and ethical sources in response to growing consumer awareness about the environmental and social impacts of gold mining. This trend is driving the demand for fair-trade and recycled gold, opening up new opportunities for businesses that prioritize sustainability in their operations.

Impact of Artificial Intelligence (AI) in India B2B Gold Jewelry Market

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