Demand for online jewellery helped boost retail sales in December, despite a difficult festive period overall for retailers, figures show.

Sales were up 0.4% from the previous month, the Office for National Statistics (ONS) said, citing online jewellers reporting an increased demand for precious metals such as gold and silver.

Internet shopping performed well, while there was a small rise for supermarkets and sales of automotive fuel. But sales for non-food retailers, such as department, clothing and household stores, were down 0.9%.

The monthly rise – larger than expected – comes after sales fell unexpectedly in November, even though it included Black Friday sales.

Retail sales had fallen by 0.1% in November, which followed a 0.8% drop in October.

Monthly growth rates can be volatile, and ONS said sales volumes fell by 0.3% in the final three months of last year when compared to the previous quarter, with supermarkets and online stores both seeing a fall.

But across 2025 as a whole, retail sales were up 1.3%, with stronger performances for both food and non-food stores, and non-store retailers (mainly online sellers but also street stalls and markets).

This represents the second consecutive annual rise, but sales still remain below 2019 pre-coronavirus pandemic levels.

ONS senior statistician Hannah Finselbach said: “The last three months of the year saw a slight drop in retail sales following a strong third quarter, with supermarkets and online stores both down.

“However, sales were up in December, with internet retailing doing well. Within this, online jewellers had a strong month and told us there was higher demand for gold and silver.”

The rising cost of living has squeezed shoppers’ purses, and businesses have complained of higher costs following changes announced in the past two Budgets.

Nicholas Hyett, investment manager at Wealth Club, said the figures showed there was “no festive cheer on the high street” as Christmas shoppers increasingly turned online.

“Among online retailers, jewellers enjoyed a particularly golden Christmas. In uncertain times shoppers seem to be being drawn to dual purpose jewels that not only tick the Christmas present box, but provide a convenient long-term store of value as well.”

Precious metals are seen as safer assets to hold in times of uncertainty, and the prices of both gold and silver have soared over the past year.

In recent days they reached record highs as investors reacted to the threat by US President Donald Trump to impose fresh tariffs on eight European countries opposed to his proposed takeover of Greenland.

Alice Cowley, managing director in Accenture’s retail practice, said the “modest” monthly rise in UK retail sales would bring some relief after a “difficult autumn”.

“But while food, discounts and holiday preparations pushed up sales, it wasn’t enough to drive significant growth,” she continued.

“With Christmas being a crucial time for the sector, those wishing for a bumper trading period were left disappointed.”

Neil Bellamy, consumer insights director at GfK, which analyses consumer confidence, said: “We remain a long way from consumers feeling that better days are around the corner.”

GfK’s latest consumer confidence index edged up by one point in January to minus 16, and it is now 10 years since the index showed a positive number.

Micron Technology’s $2.75-billion semiconductor facility in Sanand, Gujarat, is expected to begin commercial production by the end of February, IT and electronics minister Ashwini Vaishnaw said. Speaking to ET on the sidelines of the World Economic Forum in Davos, Vaishnaw said that pilot production is already underway at four semiconductor plants, with one now ready to shift to full commercial operations in the third week of February. “I can share some good news. The four plants that started pilot production in recent months…one of which is going to start commercial production in the third week of February, I just met its CEO and he’s very happy with the work that has happened in India. This is in Sanand, the Micron plant,” he said. Vaishnaw further acknowledged the complexity of semiconductor manufacturing, calling it among the hardest industrial challenges.

India making ‘most complex’ chips

He added that the country’s approach has been to focus on problem-solving, “we are very cognisant of the difficulty involved in semiconductor manufacturing. That’s why we are keeping our heads down and solving every problem as it comes. The industry is very satisfied with our problem-solving approach,” Vaishnaw said. According to the minister, global semiconductor firms are increasingly viewing India as a destination not only for design but also for advanced manufacturing. He said that industry leaders at a Davos roundtable highlighted that the “most complex chips” are now being developed in India, including two-nanometre nodes, and as the manufacturing capability is increasing, companies may also manufacture those chips in the country. “Yesterday, at a roundtable, practically every semiconductor industry leader they are now designing end-to-end products in India, and the most complex chips, including two-nanometre nodes, are being designed in India end to end. Now that manufacturing capability is coming up, they want to manufacture those chips in India,” Vaishnaw said. He also pointed to a defined roadmap for technology progression in Indian chipmaking. “We have set a very clear path, from 28-nanometer to 7-nanometer, to 3-nanometer, to 2-nanometer node. That path is clearly laid out. After six decades of persistence, this is finally giving results,” he said.

‘Rare earth availability very large’

Vaishnaw linked India’s semiconductor ambitions to the strength of its strategic partnerships, especially when it comes to securing critical minerals such as rare earths. He said the key challenge is not availability but processing and extraction capabilities. “This is a very important topic. Rare earth availability is very large, there is no shortage. What is important is to be able to process them, extracting the elements from the minerals available in nature. That’s where we need collaboration with multiple countries, so that we are able to create that ecosystem which can process the minerals,” he said, adding that many sectors depend on rare earths. While answering whether India can secure the rare earths required for semiconductor manufacturing and the wider electronics ecosystem, Vaishnaw described mineral supply as inherently multilateral, requiring multiple countries to play complementary roles. “The mineral value chain will always remain a multilateral value chain. It will have multiple players as part of the value chain. Some things will come from one country, others from another country. What is important is to build alliances,” he told ET. He noted that India has built semiconductor development partnerships with several regions and countries. “That’s why we have alliances with the US, with Germany, with Japan. We now have alliances with South Korea and with the entire EU for semiconductor development,” Vaishnaw said.

India amid global headwinds

In the midst of geopolitical uncertainty, Vaishnaw said India’s focus is on building dependable partnerships rooted in trust. “What’s important is to create relationships based on trust. That’s what Prime Minister Narendra Modiji has done over the last 11 years. The relationships that we have developed are relationships of trust, where we co-create, co-develop, and add value to each other. These are the relationships that will sustain in this turbulence,” he said. Asked about US President Donald Trump’s speech at the WEF, Vaishnaw said the global environment is entering a turbulent phase, making economic and technological resilience crucial. “The entire world is bracing for a very turbulent period, and we are a very, very responsible country. It’s very important to have resilience built into our economy, into our society, into our country,” he said, listing resilience across technology, defence, research and development, and trade as key focus areas. Vaishnaw also shared what he believes are the key discussions shaping this year’s Davos agenda. “There are two major themes out here. One is, as AI models become commoditised, which they have, how the value will come out of AI? The second is, in this entire geopolitical and geo-economic turbulence, how will countries respond?” he said. In his message to the business community attending Davos, Vaishnaw said investors are increasingly viewing India as a stable and trusted partner in global supply chains. “The entire world is looking at India as a trusted value chain partner, as a country that is growing consistently, as a country that is having inclusive growth, as a democracy that is led by a leadership that is focused on making sure every section of society grows with the growth of the country,” he said. He also added that India’s pace of technology adoption and adaptability are among the factors driving investor confidence.

Last Updated:January 23, 2026, 10:52 IST

Silver ETFs surged nearly 10 percent and Gold ETFs jumped 3.35 percent on Friday amid record prices, following a sharp sell-off on January 22.

Global Bullion Rally Sparks Sharp Gains in Indian Gold, Silver ETFs

Silver and Gold ETFs: Silver ETFs (Exchange Traded Fund) on Friday jumped almost 10 per cent amid the record high prices of physical silver. Gold ETFs also saw a sharp jump of 3.35 per cent, reflecting a strong inflow of money.

Tata Silver ETF surged 10 per cent on January 23, trading at Rs 30.50 per unit. ICICI Prudential Silver ETF also jumped 8.11 per cent to Rs 311.64 per unit. UTI Silver ETF, Aditya Brila Sun Life Silver ETF, Nippon India Silver ETF, Zerodha Silver ETF also followed the same trajectory.

Likewise, Edelweiss Gold ETF surged 3.43 per cent to trade at Rs 155.45 per unit. Meanwhile, other ETFs such as Angel One, ICICI Prudential Gold, UTI (Gold Beta), Mirae Asset Gold also rose up to 3 per cent.

Meanwhile, at the international commodity futures market, gold is closer to the record $5,000 per ounce-mark at COMEX, while Silver is eyeing $100 per ounce-mark soon, standing at $98 per ounce.

Gold, Silver ETFs Slump On Thursday

Gold and silver exchange-traded funds (ETFs) witnessed a sharp sell-off on January 22, with some silver ETFs plunging as much as 21% in the early trade, as precious metal prices eased amid easing geopolitical and tariff-related tensions triggered by comments from US President Donald Trump.

The steep correction has come after a recent record rally in bullion prices. The bullion rates recently skyrocketed due to heightened geopolitical risks after Trump had threatened tariffs and even hinted at the use of military force over Greenland, comments that had fuelled strong safe-haven demand for gold and silver.

Click here to add News18 as your preferred news source on Google.

Follow News18 on Google. Join the fun, play QIK games on News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated.

Read More