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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.
ET Small Business · 6/4/2026, 7:21:04 PM
Gold demand craters 70% in a fortnight as duty hike, Modi austerity pitch chill jewellery counters
India's jewellery sector logged just 7.5 tonnes of gold demand in the fortnight to May 27, down from 25 tonnes a year earlier, after import duty jumped to 15% from 6% and effective tax hit 18.45%. Joyalukkas reports a 35%+ sales decline; Bhima and peers see buyers downtrading to lightweight, lower-carat pieces.
Business Today · Latest · 5/31/2026, 7:48:56 AM
India hikes gold import duty to 15%, jewellery demand crashes 70% post-May 13
Effective duty on gold and silver raised to ~15% from May 13, 2026, with BCD doubled from 5% to 10%. Jewellers report demand collapsing to 7.5 tonnes from 25 tonnes. Move targets $84B FY26 bullion imports (10.8% of merchandise), after gold imports surged 81.7% YoY and silver 157.2% YoY in April.
Business Today · Latest · 5/31/2026, 2:54:48 AM
Gold demand crashes 70% in fortnight after India doubles import duty to 15%
Jewellery buying collapsed across India after the May 13 duty hike from 6% to 15% pushed effective tax to 18.45%. Joyalukkas reports 35%+ sales decline; fortnight volumes fell to 7.5 tonnes from 25 tonnes. Retailers see shift to lighter pieces and a surge in old-gold resale, with small unorganised players hit hardest.
Times of India · Business · 5/30/2026, 8:29:49 AM
Modi's gold pause plea plus 15% duty hike triggers 25-30% footfall drop at Indian jewellers
PM Modi's appeal to defer gold purchases, paired with an import duty jump from 6% to 15%, has cut jewellery store footfalls 25-30%. Crisil forecasts a 13-15% volume decline this fiscal as buyers pivot to lighter, lower-purity pieces. Wedding demand stays resilient against India's $5.2 trillion household gold stockpile.
ET Retail · 5/25/2026, 7:15:36 AM
Gold duty hike, Modi's pause appeal trigger 25-30% footfall drop at Indian jewellers
PM Modi's call to curb gold buying, paired with an import duty hike from 6% to 15%, has cut footfalls 25-30% at chains like Senco and Swastik. Crisil pegs FY volume decline at 13-15%. Buyers aren't quitting, just downsizing: bridal sets shrunk from 80g to 45-50g, ticket sizes off ₹1.2 lakh.
ET Small Business · 5/25/2026, 6:02:04 AM
Indian gold retailers offer ₹450/g discount as 15% import duty squeezes demand
Jewellers slash making charges after Customs duty jumped from 6% to 15%, with Mumbai spot at ₹1,58,534/10g. WGC forecasts 50-60 tonne demand decline and 10% drop in 2026. Smaller retailers most exposed; bridal demand cushions chains like NAC Jewellers.
The Hindu BusinessLine · 5/24/2026, 5:24:36 AM