The exchange of old gold jewellery for new ones has started picking pace with the recent fall in gold prices boosting purchases by consumers.

Gold prices have moderated from the highs seen early this year. As of June 15, domestic gold prices have fallen 3.7 per cent while the international prices were down 4.2 per cent from the end of May. The divergence in prices were largely due to 5 per cent rupee depreciation against dollar and increase in import duty to 15 per cent.

The rise in jewellery recycling comes little more than a month after Prime Minister Narendra Modi’s call to consumers to cut down on jewellery purchase and promote recycling old gold for fresh purchases to reduce imports and bridge the widening current account deficit.

Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council said since Prime Minister’s appeal, awareness regarding gold recycling and exchange has increased significantly. The industry has witnessed a steady rise in old gold collection through jewellers, refiners and exchange programs, he said.

While the exact volume varies across different regions and stakeholders, industry estimates indicate that several hundred tonne of old gold are recycled annually in India, and the trend has strengthened further due to growing consumer awareness and trust in organised processes, he added.

“Gold recycling is not just an economic opportunity, but also a sustainability initiative. Every gram of gold recycled reduces the need for fresh mining and imports while preserving value within the Indian economy,” said Rokde.

Most leading retailers have launched targeted old gold exchange programme to attract consumers. Anecdotal evidence suggests that the share of business from exchange of old gold has risen between 5–15 per cent and accounts for as much as 60-70 per cent of sales.

Arun Narayan, Chief Executive Officer, Jewellery Division, Titan Company said over the past 8 months, Tanishq has been calling out for jewellery purchases through old gold exchange which was strongly promoted in partnership with Sachin Tendulkar.

“We are thankful to 4.4 lakh customers who have responded by exchanging over 10 tonne (worth over ₹1,200 crore) of gold in this short period. We remain committed to this purpose and welcome customers to experience the best exchange process at Tanishq that is most transparent and offers the best value for old gold,” he said.

Suresh Krishnan, VP- Sales, PNG Jewellers said the newly launched nationwide initiative “Swarna Swaraj” to promote recycling across all the company’s showrooms has delivered good response.

“Historically, old gold exchanges and recycling accounted for roughly 25-30 per cent of our consumer transaction mix. In recent quarters, that share has nearly doubled to 50-60 per cent of our retail sales composition,” said Krishnan.

Published on June 20, 2026