New Delhi
India’s gold jewellery consumption fell sharply by 19% year-on-year to 66.1 tonnes in the first quarter of 2026 due to high domestic gold prices that were 81% higher compared to the same period last year, according to the World Gold Council’s Gold Demand Trends report for Q1 2026. In value terms, jewellery demand hit a first-quarter record of $10 billion, underscoring a market that is buying less but spending more. The volume decline reflects a broad shift in purchasing behaviour. Mass-market consumers cut back on purchases or switched to lighter-weight, lower-carat, and studded jewellery to offset the price impact, while high-income buyers continued purchasing heavier pieces regardless of price.