Old-gold swaps surge up to 60% YoY as record prices rewire jewellery buying
Exchange-led sales now drive nearly half of revenue at India's top jewellery chains. Joyalukkas pegs 65% of sales from old-gold swaps, Kalyan 40-45%, while 4.4 lakh Tanishq customers exchanged 10 tonnes. Gold at Rs 1.56 lakh/10g and a 15% import duty are reshaping bridal and value-led purchases.
What happened
Record gold prices and higher import duty are driving old-jewellery exchange transactions up to 60% YoY at Indian chains. Joyalukkas, Kalyan, and Tanishq report
Key facts
- 60% YoY rise in old gold exchanges
- 65% of Joyalukkas sales
- 40-45% at Kalyan
- 10 tonnes exchanged by 4.4 lakh Tanishq customers
- gold at Rs 1,56,086/10g
- import duty 15%
Why this matters
The exchange-led model favors trusted, hallmark-credible brands and squeezes regional jewellers—creating an M&A window to roll up family-run players whose customers want to swap into a national label.