Leading jewellers are gearing up to support Prime Minister Narendra Modi’s initiative aimed at reducing gold imports by promoting the exchange of old jewellery for new designs instead of fresh purchases. The spike in gold prices has prompted many consumers to trade in old ornaments to help mitigate the costs of acquiring new jewellery. In response, jewellers are introducing appealing exchange offers and promotional schemes to capitalize on the rising demand for gold recycling and replacement purchases.
Kalyan Jewellers India has recently launched the ‘Nation First – Gold4India Initiative,’ which aims to activate dormant household reserves of gold. The company has set a target of decreasing imports by 5 tonnes in the current financial year under this initiative.
TS Kalyanaraman, Managing Director of Kalyan Jewellers India, remarked that the initiative is expected to encourage a behavioral shift among consumers, fostering the idea that gold can be viewed as a renewable domestic resource that generates economic value. He stressed that if even a small fraction of dormant gold is responsibly reintroduced into circulation, India could significantly lessen its reliance on imported gold.
Tanishq is promoting its ‘OldGoldNewIndia’ campaign, accepting gold ranging from 9k to 22k for recycling. The initiative also allows the exchange of gold from any jeweller, including broken or small pieces of jewellery. Arun Narayan, Chief Executive Officer of the Jewellery Division at Titan Company, noted that in the past eight months, Tanishq has encouraged jewellery purchases through old gold exchanges, resulting in 4.4 lakh customers exchanging over 10,000 kilograms of gold.
“Committed to this initiative, we provide a transparent exchange process that ensures the best value for old gold,” Narayan said. During the March quarter, Titan Company sold gold ingots valued at Rs 6,144 crore as part of its inventory management strategy.
Malabar Gold & Diamonds has adjusted its Gold Monetisation Scheme, lowering the minimum deposit requirement from 10 grams to 1 gram to facilitate participation. Leading jewellers are employing karat meters and XRF machines to accurately assess the gold content in jewellery intended for recycling, with final valuations determined based on current market prices.
Raghav Dhir, Director of Dhirsons Jewellers, indicated a 20 percent increase in old gold exchanges compared to the previous year, attributing this growth to Modi’s address, which has heightened awareness about dormant jewellery in lockers. He added that while a rise in import duties may temporarily dampen purchases, consumer demand for gold in India will eventually rebound.
Supriya Kataria, Founder of Kumari Fine Jewellery, acknowledged that, despite the industry-wide focus on gold exchange programs, a significant generational mindset shift will take time. She emphasized that the entrenched belief in gold as a symbol of wealth and prosperity may hinder quick adoption among budget-conscious young consumers.
Published on May 19, 2026
