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Old-gold exchange hits 73% of Joyalukkas August sales, up from 57%, as recycled gold challenges imported bullion
Our read
Old-gold exchange is likely to stay the main source of Joyalukkas's sales and keep rising across organised jewellers while the 15% import duty holds.
For operators
With old-gold exchange at 73% of Joyalukkas August sales (57% a year earlier) and Titan, Kalyan and Senco moving the same way, exchange programmes now drive footfall and should be the centre of jewellers' pricing, sourcing and store-level plans.
Watch
Exchange share of sales above August's 73% at Diwali would mean recycled gold is still gaining and bullion-import-dependent suppliers lose volume.
The report,
Joyalukkas is not alone: Crisil says old and recycled gold made up over 40% of organised retailers' jewellery revenue in Q1 FY27. Titan, Kalyan and Senco report similar shifts.
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Reported figures
From the report. Source details below
| Kalyan Jewellers recycled gold share of revenue, Q1 FY27: | over 46% |
|---|---|
| Kalyan Jewellers recycled gold target going forward: | 55–60% |
| Titan store transactions with an exchange element: | over 50% |
| Senco business from old-gold exchange, second quarter: | over 50% |
| India gold import duty from May 2026: | 15% |
Why it matters for the brand
Recycled gold now supplies over 40% of organised retailers' jewellery revenue and Kalyan wants 55–60%, which makes refining, melting and scrap-collection capacity a more strategic area to look at than bullion import channels.
What to track next
- Kalyan's exchange share against its over 46% and 55–60% target in the next results
- Any change to the 15% gold import duty announced before the Q3 FY27 results
- Titan and Senco commentary on exchange share in their next quarterly results
- Crisil's next estimate of recycled gold against the over 40% share of organised retailers' revenue
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Joyalukkas is likely to keep promoting old-gold exchange offers through the festive season, since the scheme already drives most of its sales.
- Kalyan is expected to keep pushing toward its 55–60% recycled-gold target from the over 46% it reports now.
- Titan and Senco may widen exchange-linked promotions and collection points to defend share, and may cite exchange mix in coming results.
- Gold refiners and bullion importers are likely to see weaker demand from organised retailers, and may lobby for a lower import duty.
- Customers are likely to keep treating old jewellery as a funding source for new purchases while gold prices and the 15% duty hold.
The source
Published
First seen