New Delhi, Jan. 14 -- Indian households hold nearly 34,600 tonnes of gold, valued at over $5 trillion, according to a report released by Morgan Stanley in October 2025. This stock is larger than India's nominal GDP of $4.1 trillion, as estimated by the International Monetary Fund.

India is also the world's second-largest consumer of gold, accounting for around 26% of global demand, trailing only China at 28%.

The demand is so strong that despite record-high gold prices, sales have shown limited signs of weakening. Higher prices are also accelerating the shift from unorganized to organized players.

As a result, the share of organized players in the jewellery market has reached 40% in FY25, compared with 32% in FY20, while unorganised pl...