Old-gold exchanges surge 60% YoY as record prices reshape jewellery sales mix
Indian jewellers report a sharp shift to recycled gold: exchanges now drive 65% of Joyalukkas sales (up from 40-45%) and 40-45% at Kalyan (up from 30%). Tanishq saw 440,000 customers swap 10 tonnes in 8 months. Trigger: 24K gold at ₹1,56,086/10g vs ₹99,961 a year ago, plus 15% import duty.
What happened
Indian jewellery retailers report old-gold exchanges surged ~60% YoY as record prices and higher import duty push consumers to recycle. Joyalukkas, Kalyan and
Key facts
- 60% YoY rise in old gold exchange volumes
- 65% of Joyalukkas sales from exchanges (up from 40-45%)
- Kalyan exchange share 40-45% (up from 30%)
- Tanishq: 440,000 customers exchanged 10 tonnes in 8 months
- Gold import duty raised to 15% from 6%
- 24K gold ₹1,56,086/10g vs ₹99,961 a year ago
- India imports 900-1,000 tonnes annually
- Household gold stock ~25,000 tonnes
Why this matters
Acquisition targets should pivot toward refining capacity, hallmarking infrastructure, and regional players with strong exchange-trust equity, as vertical integration on the recycled-gold loop becomes a structural moat versus duty-exposed import dependence.