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

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

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

Fortnightly gold offtake collapsed to 7.5 tonnes from 25 tonnes after import duty jumped from 6% to 15%, lifting effective tax to 18.45%. Joyalukkas reports 35% sales drop; bar/coin demand bucks trend at +34% to 62.3 tonnes as prices hit ₹1.57 lakh/10g. Smaller jewellers hit hardest.

ET Retail · 5/30/2026, 5:45:44 AM

Volumes collapsed to 7.5 tonnes from 25 tonnes after import duty jumped to 15% from 6%, lifting effective tax to 18.45%. Joyalukkas reports 35% demand drop; Bhima sees shift to lighter pieces and old-gold exchanges. Bar/coin demand still rose 34% to 62.3 tonnes in Q1 as investors front-ran the hike.

ET Small Business · 5/30/2026, 12:57:12 AM