๐๐ผ๐น๐ฑ ๐๐ ๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ ๐ง๐ฟ๐ฎ๐ป๐๐ฎ๐ฐ๐๐ถ๐ผ๐ป๐ ๐ฆ๐๐ฟ๐ด๐ฒ ๐ฒ๐ฌ% ๐ฎ๐ ๐ฅ๐ฒ๐ฐ๐ผ๐ฟ๐ฑ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ๐ ๐ฅ๐ฒ๐๐ต๐ฎ๐ฝ๐ฒ ๐๐ป๐ฑ๐ถ๐ฎ'๐ ๐๐ฒ๐๐ฒ๐น๐น๐ฒ๐ฟ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐
Old gold exchange transactions at Indian jewellery stores have jumped by up to 60% since last year. Gold prices have risen sharply and import duties have increased. These factors are driving consumers to trade existing jewellery for new items.
Exchange-led purchases now make up nearly half of all sales at major jewellery chains. The Indian government raised the effective import duty on gold from 6% to 15% last month. Prime Minister Narendra Modi asked citizens to cut back on non-essential gold purchases to ease pressure on the rupee.
Key data points from the sector:
- Joyalukkas reports gold exchange programmes drive 65% of sales. This share stood at 40-45% before the Prime Minister's appeal. On some days, exchanges account for 70% of business.
- Kalyan Jewellers saw exchange-led sales rise to 40-45% from 30%.
- Tanishq attracted 4.4 lakh customers who exchanged 10 tonnes of gold during the past eight months.
- The price of 24-carat gold reached Rs 1,56,086 per 10 grams on Thursday. The price was Rs 99,961 one year ago.
- India imports 900 to 1,000 tonnes of gold each year. Indian households hold an estimated 25,000 tonnes of gold.
Industry leaders say exchange programmes bring household gold back into circulation. This reduces the need for fresh imports.
Consumer tastes are shifting toward lighter designs and modular bridal pieces. Many buyers want items serving as both jewellery and investments.