India’s gold imports are expected to fall this year as record prices crimp demand for jewellery in the world’s second-largest bullion market after China, according to the World Gold Council (WGC). Bullion imports dropped 11 percent to 710.9 tons in 2025 and may decline to between 600 and 700 tons in 2026, the WGC said in a report released on Thursday. The rally is forcing Indian buyers to scale back purchases or settle for lighter pieces in a market where jewellery accounts for the lion’s share of demand. Global jewellery consumption volumes slumped to a five-year low of 1,542 tons in 2025, with demand falling across all key markets, the WGC said, while Indian jewellery demand dropped 24 percent to 430.5 tons. ADVERTISEMENTLower-purity 14-karat jewellery has found interest from younger, urban buyers in the north of India seeking more affordable options.