Nippon India Mutual Fund dominates Gold & Silver ETF volumes during Diwali 2025 with 53% market share

Nippon India Mutual Fund has once again reaffirmed its leadership in the commodities exchange-traded fund (ETF) market, commanding a dominant position in both Gold and Silver ETFs during the Diwali 2025 trading period. According to data released by the National Stock Exchange (NSE), NIMF’s ETFs accounted for a staggering 57.6% of the total industry average daily turnover (ADT) in these segments between October 17 and 23, 2025.

During this period, the mutual fund industry’s average daily turnover in Gold ETFs surged 7.9 times year-on-year, rising from Rs 185 crore during Diwali 2024 to Rs 1,454 crore in 2025. NIMF’s strong performance in both Nippon India ETF GoldBeES and Nippon India SilverBeES was the primary driver behind this growth, highlighting investor confidence in its liquidity and efficiency.

Gold ETFs

Nippon India’s flagship GoldBeES ETF continued to dominate the segment, recording an average daily turnover of ₹767 crore during Diwali 2025, up from ₹97 crore in the same period last year — a 7.9x increase. This performance gave NIMF a 53% market share of total industry Gold ETF volumes.

Data shows that NIMF’s Gold ETF ADT was 23 times higher than the industry average (excluding NIMF), underscoring its superior liquidity. The impact cost — a key indicator of transaction efficiency — for Nippon India’s GoldBeES stood at just 2 basis points (bps), significantly below the industry average of 18 bps (ex-Nippon).

“In an asset class like ETFs, liquidity is crucial. Lower impact costs make a material difference to investors, especially when entering or exiting large positions,” said a senior spokesperson from Nippon India Mutual Fund. “Our continued leadership ensures investors enjoy one of the most efficient ETF platforms in India.”

Silver ETFs

The Silver ETF segment witnessed even more dramatic growth. The industry’s average daily turnover in Silver ETFs surged 14 times, from ₹130 crore in Diwali 2024 to ₹1,823 crore in Diwali 2025. NIMF’s SilverBeES ETF contributed significantly to this surge, reporting an ADT of ₹1,120 crore, up from ₹84 crore last year — a 13.4x increase.

This performance helped NIMF capture a commanding 61% share of total industry Silver ETF turnover. The SilverBeES ETF’s ADT was 24 times higher than the industry average (excluding NIMF), further reflecting its liquidity strength. Like GoldBeES, the SilverBeES ETF also maintained an impact cost of just 2 bps, compared to an industry average of 20 bps (ex-NIMF).

Diwali 2024 vs Diwali 2025

The data shows a clear surge in activity for Gold and Silver ETFs during Diwali Week 2025 compared with Diwali Week 2024. Nippon India ETF Gold BeES saw significantly higher average daily turnover, and the overall industry turnover also increased meaningfully. Market share remains strong, reflecting sustained investor confidence in gold exposure. Silver ETFs show similar momentum, pointing to rising retail participation in precious metals. This growth suggests that investors are using ETFs more actively as a convenient alternative to physical gold and silver. The trend highlights stronger market liquidity, improved product awareness, and a favorable sentiment toward safe-haven assets.

Category           | Observation                                    |
————————————————————-
| Gold ETF Turnover | Strong increase in Diwali Week 2025 vs 2024     |
| Nippon Gold BeES  | Higher market activity and strong market share  |
| Industry Growth   | Improved liquidity and rising participation     |
| Silver ETFs       | Similar surge in turnover and investor interest |
| Investor Trend    | Preference toward safe-haven assets             |
| Market Behavior   | ETFs used more actively than physical metals    |
| Sentiment         | Positive outlook for precious metals    

Strong investor base, investors’ confidence

Nippon India’s dominance extends well beyond festive trading. For the financial year 2024–25, the fund house captured around 58% of the industry’s total average daily turnover in Gold and Silver ETFs combined. As of September 2025, NIMF also boasts India’s largest ETF investor base, with 1.53 crore investors — nearly half (50%) of the total ETF investors in the country.

Higher trading volumes and lower impact costs make NIMF’s ETFs particularly attractive for both retail and institutional investors. These factors not only ensure smoother trade execution but also help minimize tracking error — a critical element for long-term ETF investors.

Industry experts attribute NIMF’s sustained success to its consistent performance, scale, and investor-centric product innovation. The fund house’s efficient market-making framework and deep exchange presence have enabled it to deliver superior liquidity and price discovery across market cycles.