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India is always in the top two list of gold consumers in the world, after China. The national demand for gold is around 700 tonnes to 800 tonnes annually—mainly for jewelry, investment (bars & coins), and ETFs.

Latest Figures:

• Gold imports were 721 tonnes for FY 2025-26 (1.58% up from 709 tonnes in the previous year) even as they reached a new peak in value of $71.98 billion on account of cost escalation in gold prices around the world.
• Demand over the last ten years is generally between 650 and 850 and has been encouraged by high cultural demand as a result of weddings, festivals, and investment.

In India, gold imports play a major part of the total imports and also produce a negative current account deficit. For this reason, PM Modi recently urged the people to not make unnecessary gold transactions as a part of the crisis in West Asia, with the aim of saving foreign currency.

It is very difficult to say how much is produced locally (estimated as 1–2 tonnes per year); practically all requirements are met from imports obtained from abroad.