A cermet contains hard phase particles containing Ti and a binding phase containing at least one of Ni and Co, and 70% or more (by number) of the hard phase particles have a cored structure containing a core and a peripheral portion around the core. The core is composed mainly of at least one of Ti carbide, Ti nitride, and Ti carbonitride, and the peripheral portion is composed mainly of a Ti composite compound containing Ti and at least one selected from W, Mo, Ta, Nb, and Cr. The core has an average particle size α, the peripheral portion has an average particle size β, and α and β satisfy 1.1≦β/α≦1.7.