Old-gold exchange surges at Indian jewellers; Tanishq swaps 10 tonnes worth ₹1,200 cr in 8 months

Modi's recycling pitch and a 3.7% domestic gold price dip are driving record old-gold trade-ins. Tanishq took in 10 tonnes (₹1,200 cr) from 4.4 lakh customers in eight months, while PNG Jewellers' exchange share doubled to 50-60% of retail sales. Recycled metal now anchors 60-70% of category sales.

— Source publishedSat, 20 Jun, 2026, 16:33 IST·First seen Sat, 20 Jun, 2026, 16:39 IST·Source The Hindu BusinessLine

What happened

Old gold exchange schemes are surging at Indian jewellers after PM Modi's recycling appeal and softer gold prices. Tanishq exchanged 10 tonne (₹1,200 crore)

Key facts

  • 3.7% domestic gold price fall
  • 4.2% international price fall
  • 15% import duty
  • 10 tonne gold exchanged at Tanishq
  • ₹1,200 crore
  • 4.4 lakh customers
  • 60-70% sales share
  • PNG exchange share doubled to 50-60%

Why this matters

Scout refining capacity, hallmarking labs, and assay-tech players as exchange volumes structurally double and recycled supply becomes the category's primary input.

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