All India Gem & Jewellery Domestic Council issues 2025 bullion review — gold and silver reached record or near-record highs in December, reshaping inventory value and investor strategy across markets.

  • Price: Gold and silver at record/near‑record highs in Dec 2025
  • Annual move: Large double‑digit gains across the year (GJC summary)
  • Major drivers: Central‑bank buying, dollar weakness, Fed rate‑cut expectations, industrial demand
  • Date: GJC annual review released Dec 29, 2025

What the GJC reported

The All India Gem & Jewellery Domestic Council (GJC) framed 2025 as a year when bullion reclaimed an explicit strategic role in portfolios and store cases. Its annual review points to a synchronised set of global and domestic forces — geopolitical risk, slowing growth in major economies, expectations of United States rate cuts and a softer dollar — that pushed gold and silver to record or near‑record levels by December. In India, persistent physical demand across the wedding and festival seasons added tangible upward pressure on prices.

What moved prices in 2025

The GJC highlights four converging vectors: persistent safe‑haven flows, central‑bank accumulation, macro liquidity dynamics and a structural rise in industrial demand for silver. Central banks in China, Turkey and India increased allocated gold reserves, lending the market a pronounced structural bid. At the same time, silver gained from a dual role: a warm, vitreous luster for jewellery and a pewter‑grey sheen as an industrial metal essential to solar panels, EVs and batteries. Expectations around Federal Reserve rate reductions amplified the metals’ appeal, while dollar weakness mechanically lifted international prices.

Sensory — how the rally felt for the market

For retailers and investors the move was immediate and tactile: inventory acquired earlier in the year acquired substantial heft in mark‑to‑market terms; coins and bars presented a warm, heavy resonance at the counter; and finished jewellery — with denser gold weights and sculptural silhouettes — carried higher intrinsic value. The rally shifted not just paper balances but the physical heft of balance sheets and showcases.

Why this matters to US retailers and investors

There are three practical implications for the US trade and capital markets.

  • Inventory strategy: Rising gold and silver prices compress margins on buy‑back and trade‑in programs and change the math on weighted SKUs. Merchants should reassess fixed‑price guarantees, consider staggered purchasing and use spot hedging where appropriate.
  • Merchandising and product design: The year reinforced demand for sculptural, weight‑forward pieces. Retailers can capitalise by promoting pieces that showcase substantial heft and a refined surface finish, which justify premiums even as metal costs climb.
  • Portfolio and balance‑sheet risk: For investors, bullion remains a strategic hedge against macro uncertainty. Central‑bank accumulation and industrial silver demand suggest a longer horizon for elevated prices, but volatility will increase — making phased entry, options and physical allocation considerations essential.

How this ties to 2025 trends

The GJC review intersects with three defining trends for 2025. First, sustainability: demand for ethically sourced and recycled gold rose, aligning supply chains with buyers who prize traceability. Second, the maturation of lab‑grown diamonds has reallocated some discretionary spend toward weighted gold designs, altering the mix of basket purchases. Third, sculptural aesthetics remain prominent — bold, textured gold works that read as both jewellery and object, fitting consumer tastes for materially substantial pieces.

Outlook for 2026

GJC expects the bullish posture to persist into 2026, driven by ongoing macro uncertainty, further central‑bank accumulation and continuing industrial demand for silver. The council warns of heightened volatility but frames precious metals as strategic assets rather than speculative trades — a view underlined by comments from GJC leadership: “The bullion market in 2025 has been a clear reminder that precious metals are strategic assets, not speculative instruments,” said Mr. Rajesh Rokde, Chairman of GJC. “Silver has decisively evolved beyond tradition… emerging as a critical metal powering the future through renewable energy, solar applications, and electric mobility,” he added.

Actionable next steps for US stakeholders

  • Reprice buy‑back programs and review margin buffers for weighted SKUs.
  • Introduce small, staged hedges on large metal purchases to smooth cost volatility.
  • Highlight product provenance and recycled metal credentials to align with sustainability‑minded buyers.
  • Adapt merchandising to emphasise sculptural pieces and heavier weights that justify premium pricing.

About GJC

The All India Gem and Jewellery Domestic Council is a national trade council that represents the domestic jewellery trade, liaising with government and spearheading industry initiatives. Established to protect and promote the trade’s interests, GJC has served as a self‑regulated bridge between the trade and policymakers for two decades.

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