Report Overview

A surging demand driven by increasing use of precious metals as appealing investment assets, the growing demand from end-use industries, environmental concerns, and legal ramifications. are expected to boost the growth of India Precious Metals Market during the forecast period between 2026 and 2032.

India Precious Metals Market – Industry Trends & Forecast Report, 2032

India Precious Metals Market size was estimated at USD 39.73 billion in 2025. During the forecast period from 2026 to 2032, India Precious Metals Market size is projected to grow at a CAGR of 8.01% reaching a value of USD 68.15 billion by 2032. The expansion of India Precious Metals Market at a significant growth rate is predominantly driven by the changing lifestyles, rising disposable incomes among Indian consumers, and high economic, traditional, and cultural value of precious metals, particularly gold, among Indians. Aside from that, in response to rising environmental concerns, major market players across many industry verticals are investing in the recycling of precious metals, which can then be used to manufacture batteries, consumer electronic devices heart pacemakers and artificial cochlea. Furthermore, the government is enacting rigorous emission rules, which is fueling market expansion because precious metals are used to cleanse exhaust emissions in automobiles.

 Source: BlueWeave Consulting

Precious Metals – Overview

Metals that are uncommon and have a high economic worth are known as precious metals. Economic value, industrial applications, ability to operate as a hedge against currency inflation, and historical use as a store of value make gold, platinum, and silver as the precious metals that investors find to be most appealing. Rare metallic chemical elements with a high economic value are known as precious metals. Precious metals are often less reactive chemically than most elements. They often have a high shine and are ductile. While historically valuable as money, precious metals are today mostly valued as raw materials for investments and industry.

India Precious Metals Market 

Growth Drivers

Increasing Disposable Income and Trading Activity in Precious Metals

India Precious Metals Market has been expanding at a significant CAGR, due to people's changing lifestyles and rising disposable incomes. Additionally, major market companies across a range of industry verticals are investing in the recycling of precious metals that can later be used to create heart pacemakers and artificial cochlea due to the growing environmental concerns. The government is enacting strict emission rules, which is helping India  Precious Metals Market expand, as precious metals are used to clean automotive exhaust fumes. Rising trading activities in precious metals are also boosting the growth of India Precious Metals Market. COVID-19 has influenced economic activities as consumer purchasing power is decreasing, forcing purchasers to spend money more wisely on vital things.

Challenges

High Volatility in Prices of Precious Metals

The price volatility is very high in precious metals. Their prices can be influenced by several factors, such as shifts in the economy, Federal Reserve and Reserve Bank of India’s monetary policies, investor demand, mining supplies, and inflation. The investment in precious metals entails a storage expense, if a person owns the metal outright. Due to their high worth and cost, tangible gold assets like jewelry are always vulnerable to theft.

Impact of Escalating Geopolitical Tensions on India Precious Metals Market 

Intensifying geopolitical tensions among countries, especially the world’s major economies China and the United States, across the regions could impact the growth of India Precious Metals Market by affecting global supply chains, increasing import costs, and creating trade uncertainties. Escalating volatilities in political, military, trade, and economic conditions could significantly destabilize trade flows, supply chains, and investors’ confidence. Tariffs, sanctions, and regional conflicts, especially involving China and United States, increase costs and limit access to precious metals. During these uncertain times, people and investor look for hedging their investments against safe instruments, including precious metals such as gold and silver. The import-dependent countries, like India, could be vulnerable to global shifts, while retaliatory measures threaten export competitiveness. Geopolitical, military, trade, and trade tensions force manufacturers to diversify sourcing and adopt risk-mitigation strategies, reshaping production dynamics.

India Precious Metals Market 

Segmental Coverage

India Precious Metals Market – By Metal Type

India Precious Metals Market by metal type is divided is segmented into Gold, Platinum, Silver, Palladium, and other precious metals. Among these, gold accounts for the largest share of India Precious Metal Market by metal type. Due to its large storage and sales as jewelry, gold is projected to continue to dominate India Precious Metals Market by metal type over the forecast period.

Source: BlueWeave Consulting

India Precious Metals Market – By Application

On the basis of application, India Precious Metals Market is divided into is segmented into Jewelry, Investment, Electrical & Electronics, Automotive, Chemicals, and other applications. The jewelry segment holds the largest market share of India Precious Metals Market by application. Indians’ consistent consumption patterns in gold jewelry and the wedding industry provide year-round prospects for jewelers, helping to boost the demand for gold and silver.

Source: BlueWeave Consulting

India Precious Metals Market – By Region

Geographically, India Precious Metals Market is segmented into North India, South India, East India, and West India. South India, with its states Tamil Nadu, Kerala, Telangana, Karnataka, and Andhra Pradesh, accounts for the major market share of India Precious Metals Market. The southern region of India, particularly in terms of consuming gold jewelry, holds about 40% of the total demand of India. South India’s market dominance is primarily due to the increasing demand for gold jewelry, increasing disposable income, and gold’s major role as a traditional investment and financial security. West India, with major financial and commodity markets in Mumbai (Maharashtra) and Ahmedabad (Gujarat), holds the second leading position in India Precious Metals Market. 

Source: BlueWeave Consulting

Competitive Landscape

Major companies operating in India Precious Metals Market include Deccan Gold Mines Ltd, Hindustan Zinc Ltd, Kalyan Jewellers India Ltd, Manappuram Finance Limited, MMTC Ltd / MMTC-PAMP, Muthoot Finance Ltd, PC Jeweller Ltd, Rajesh Exports Ltd, Thangamayil Jewellery Ltd, Titan Company Ltd, and Vedanta Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In November 2025 – Reserve Bank of India (RBI) announced a new rule to permit loans against silver effective from April 01, 2026. It is expected to further boost the demand for silver.

• In November 2025 – The Indian government restricted the imports of precious metal jewellery till April 30, 2026.

Scope of the Report

By Metal Type

• • Gold

  • Silver

  • Platinum

  • Palladium

  • Others  

By Application

• • Jewelry

  • Investment

  • Electricals & Electronics

  • Automotive

  • Chemicals

  • Others 

By Region

• North India

• South India

• East India

• West India