Page 7 - Bullion World Volume 5 Issue 08 August 2025

Bullion World | Volume 5 | Issue 08 | August 2025

In volume terms, Gold ETFs grew 4.3%, while in INR
price terms, the increase was 5.8% during Apr-Jun
quarter of 2025. On the supply side, gold imports
fell sharply by 34% to 102.5 tonnes during Q2
2025, whereas recycling activity remained stable,
EDITORIAL marginally rising to 23.1 tonnes. With H1 2025
demand totalling approximately 253 tonnes, India’s
full-year gold demand is projected to range between
600–700 tonnes. While the volume trajectory appears
Dear Readers, subdued, the value-based momentum reflects India’s
enduring love for gold remains as strong as ever.
India’s deep-rooted affinity for gold continues
to evolve, with Q2 2025 (Apr-Jun) presenting With the India Gold Conference 2025 just around
a compelling narrative of divergence between the corner, this edition of Bullion World brings
consumption volume and value, as highlighted to you a power-packed preview of what to expect
by the latest data from the World Gold Council. from this landmark gathering of bullion and
Total gold demand for the quarter stood at 134.9 jewellery leaders. We begin with key takeaways
tonnes, a decline from 149.7 tonnes in Q2 2024. from Shanghai Platinum Week 2025, followed by an
Despite the dip in volume, the overall value of update from IBJA on their newly launched refinery
demand rose significantly thanks to steep increase division. In an exclusive article, Mr. Surendra Mehta,
in global gold prices — averaging US$ 3,280.4/oz National Secretary of IBJA, stresses the critical need
or INR 90,306.8/10g in domestic markets. Jewellery for industry-wide PMLA compliance, urging all
demand, long considered the cornerstone of India’s players to align with regulatory expectations. We
gold consumption, declined by 17% in volume to spotlight the efforts of the Gold Principles Group,
88.8 tonnes, yet rose 20% in value to INR 80,150 championing responsible and traceable gold
crore. sourcing, and delve into the growing momentum
of digital gold in India. As yet another gold sector
This highlights Indian consumer's continued company readies for its IPO, we trace the history of
emotional and cultural connection to gold, jewellery IPOs since 2021, highlighting the sector’s
particularly during weddings and festivals, and their march toward transparency and investor confidence.
willingness to spend more even at elevated price Finally, we bring clarity to a crucial regulatory
points. On the investment front, demand grew by topic through an expert piece by the Hallmarking
7% to 46.1 tonnes, marking a 54% increase in value. Federation of India on the differences between
This notable rise underscores a growing perception jeweller hallmarking and bullion hallmarking.
of gold as a stable financial asset amidst global
economic uncertainty. Gold ETFs, often viewed as Stay informed, stay ahead
a barometer of retail investment sentiment, saw a
robust performance. Assets under management of Best wishes,
gold ETFs rose to INR 64,777 crore by the end of Q2 G Srivatsava
2025, up from INR 58,837 crore by end of Q1 2025. Editor

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please write to editor@bullionworld.in

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