Report Overview

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Precious Metals Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Surge in Demand for Precious Metals
         2. Growing Popularity of Gold as Investment Option
         3. Government’s Supportive Policies               
      2. Restraints
         1. High Costs
         2. Highly Fragmented Precious Metals Market
      3. Opportunities
         1. Growing Trade in Precious Metals
         2. Rising Demand for Silver in Industrial Applications       
      4. Challenges
         1. Stringent Regulations
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Precious Metals Market: Marketing Strategies
5. India Precious Metals Market: Pricing Analysis
6. India Precious Metals Market Overview
   1. Market Size & Forecast, 2019–2032
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Metal Type
         1. Gold
         2. Silver
         3. Platinum
         4. Palladium
         5. Others
      2. By Application
         1. Jewelry
         2. Investment
         3. Electrical & Electronics
         4. Automotive
         5. Chemicals
         6. Others
      3. By Region
         1. East India
         2. West India
         3. South India
         4. North India
7. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Precious Metals Market Company Market Share Analysis, 2025
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on India Precious Metals Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Deccan Gold Mines Ltd
   2. Hindustan Zinc Ltd
   3. Kalyan Jewellers India Ltd
   4. Manappuram Finance Limited
   5. MMTC Ltd / MMTC-PAMP
   6. Muthoot Finance Ltd
   7. PC Jeweller Ltd
   8. Rajesh Exports Ltd
   9. Thangamayil Jewellery Ltd
   10. Titan Company Ltd
   11. Vedanta Ltd
   12. Other Prominent Players    
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.   Quantitative Research
    3.   Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5.   Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1        India Precious Metals Segmentation

Figure 2        India Precious Metals Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2025

Figure 4        India Precious Metals Market Size, By Value (USD Million), 2019–2032

Figure 5        India Precious Metals Market Share, By Metal Type, By Value, 2019–2032

Figure 6        India Precious Metals Market Share, By Application, By Value, 2019–2032

Figure 7        India Precious Metals Market Share, By Region, 2019–2032

Figure 8        North India Precious Metals Market Share, By Metal Type, By Value, 2019–2032

Figure 9        North India Precious Metals Market Share, By Application, By Value, 2019–2032

Figure 10      South India Precious Metals Market Share, By Metal Type, By Value, 2019–2032

Figure 11      South India Precious Metals Market Share, By Application, By Value, 2019–2032

Figure 12      East India Precious Metals Market Share, By Metal Type, By Value, 2019–2032

Figure 13      East India Precious Metals Market Share, By Application, By Value, 2019–2032

Figure 14      West India Precious Metals Market Share, By Metal Type, By Value, 2019–2032

Figure 15      West India Precious Metals Market Share, By Application, By Value, 2019–2032

List of Tables

Table 1         India Precious Metals Market Size, By Value (USD Million), 2019–2032

Table 2         India Precious Metals Market Size, By Metal Type, By Value, 2019–2032

Table 3         India Precious Metals Market Size, By Application, By Value, 2019–2032

Table 5         India Precious Metals Market Size, By Region, By Value, 2019–2032

Table 6         North India Precious Metals Market Size, By Metal Type, By Value, 2019–2032

Table 7         North India Precious Metals Market Size, By Application, By Value, 2019–2032

Table 8         South India Precious Metals Market Size, By Metal Type, By Value, 2019–2032

Table 9         South India Precious Metals Market Size, By Application, By Value, 2019–2032

Table 10       East India Precious Metals Market Size, By Metal Type, By Value, 2019–2032

Table 11       East India Precious Metals Market Size, By Application, By Value, 2019–2032

Table 12       West India Precious Metals Market Size, By Metal Type, By Value, 2019–2032

Table 13       West India Precious Metals Market Size, By Application, By Value, 2019–2032

Table 14  Deccan Gold Mines Ltd Company Overview

Table 15  Deccan Gold Mines Ltd Financial Overview

Table 16  Hindustan Zinc Ltd Company Overview

Table 17  Hindustan Zinc Ltd Financial Overview

Table 18  Kalyan Jewellers India Ltd Company Overview

Table 19  Kalyan Jewellers India Ltd Financial Overview

Table 20 MMTC Ltd/MMTC-PAMP Company Overview

Table 21 MMTC Ltd/MMTC-PAMP Financial Overview

Table 22 Muthoot Finance Ltd Company Overview

Table 23 Muthoot Finance Ltd Financial Overview

Table 24 PC Jeweller Ltd Company Overview

Table 25 PC Jeweller Ltd Financial Overview

Table 26 Rajesh Exports Ltd Company Overview

Table 27 Rajesh Exports Ltd Financial Overview

Table 28 Thangamayil Jewellery Ltd Company Overview

Table 29 Thangamayil Jewellery Ltd Financial Overview

Table 30 Titan Company Ltd Company Overview

Table 31 Titan Company Ltd Financial Overview

Table 32 Vedanta Ltd Company Overview

Table 33 Vedanta Ltd Financial Overview