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Approximately 25% of gold sales are from exchange of jewellery

According to Indian jewellers, approximately 25 percent of gold sales are attributed to the exchange of jewellery. The World Gold Council predicts that Indians will likely sell a record amount of used jewellery this year.

“Currently, around 1,097 people exchange their gold with us every day. So far, two million customers have done so over the years,” said Ajoy Chawla, CEO, jewellery division, Titan, “Around 85,000 brides have exchanged old gold to buy their wedding jewellery, and the exchange segment has been one of our strongest engines of growth comprising 40% of our sales in FY23.”

Ashish Pethe, of Waman Hari Pethe Jewellers, explained the consumer psyche regarding gold price movements. He stated, “Consumer behavior is intricately linked to the pace and magnitude of price fluctuations. Whenever we observe a substantial rise in a short period, retail customers tend to either sell their existing holdings or adopt a wait-and-see approach for prices to stabilize. Presently, with gold reaching Rs 60,000, consumers are gradually accepting the price. I anticipate a resurgence in buying during the upcoming season.”

Overall, the current trend in India involves individuals capitalising on high gold prices by exchanging their old jewelry. While the demand for gold has experienced a dip, the introduction of sovereign gold bonds provides an alternative investment avenue.

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