<h1>Q3 2025: Gold demand volume down 16% QoQ while value rises 23% amid duty cuts and price surge</h1> A trade report from an industry body shows a 16% quarter-on-quarter decline in gold volume demand in India for Q3 2025, with a 23% rise in value due to record prices; jewellery volumes fell sharply while investment volumes rose. Notable legal and regulatory points: a prior government import duty reduction (July 2024) materially distorted year-on-year comparisons and contributed to a 37% drop in imports this quarter, and GST/import valuation dynamics drove a higher rupee-denominated value figure. These developments may affect customs revenue, trade policy calibration, import licensing and anti-smuggling enforcement priorities.