Follow the money: Your Diwali gold necklace

Gold is worth about twice what it was four years ago, so who profits when a Hindu family buys gold during the Diwali festive period? Sam Fenwick traces the gold supply chain from a mine that digs up 140 tonnes of rock for a single ounce of gold to a Delhi jeweller, examining the role of central banks and refiners along the way.
(Photo: A jewellery shop in Bangalore, India, 13 October 2025. Credit: Jagadeesh Nv/EPA/Shutterstock)
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Producer: Josh Martin and Huma Shah