Jain said this year delivered “over 45 all-time peaks” in prices and strong returns. He believes the gold rally has more room to run into 2026. “The fundamentals… are still going strong,” he said.
While jewellery volumes saw some decline, value growth stayed positive. Jain said jewellers are preparing for “the next phase of gold, which is going to be 2026-27.”
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Gold is gaining prominence as a mainstream investment product in India.
Jain said, “Investment demand is going to cross $6 trillion… this makes gold the most liquid asset on planet Earth.”
He added that portfolio diversification and transparency are improving as more investors look at gold beyond jewellery.
India’s jewellery market is estimated at $90 billion in 2025 and could reach $150 billion by 2033. Jain highlighted rising income levels and better consumer confidence.
“The sheer disposable wealth in the hands of Indians is going year by year,” he said. He added that gold ownership increases when income rises.
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Regulatory measures like BIS hallmarking and unique jewellery IDs are also improving trust and structured growth.
A key shift is emerging from younger investors who are embracing digital gold.
Jain said, “The folios… are getting younger.”
Gold ETF holdings in India rose from 56–57 tonne at the start of the year to 86 tonne last month.
He said 9 million new folios were added, noting that digital convenience is driving millennials to gold as an asset class.
For the full interview, watch the accompanying video
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