top of page
Laxmi Diamonds.png

Record high prices driving consumers to swap old jewellery for new


India's gold imports in 2024 may plummet by nearly 20% from the previous year due to record high prices driving consumers to swap old jewellery for new, according to the India Bullion and Jewellers Association. Rising prices have shifted buyers towards exchanging old ornaments, impacting jewellery demand more than investments.


Old jewellery, also known as scrap supplies, is recycled, and used for jewellery making.In the March quarter, scrap supplies jumped 10% from a year ago to 38.3 tons, data from the World Gold Council showed.


India's gold imports in 2024 could fall by nearly a fifth from the previous year, as record high prices spur retail consumers to exchange old jewellery for new items,.Lower imports by India, the world's second biggest consumer of the precious metal, could cap a rally that carried global prices to a record this week.


"Affordability is severely affected by the rapid price increase," said Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA). "Retail buyers prefer exchanging old jewellery for new." Lower demand due to record prices and higher supplies of scrap will cut imports by 20% from a year ago, said IBJA's Kothari.


Buyers save money as they only pay the jewellery making charges and tax when exchanging old ornaments for new ones, since they do not have to pay for the gold.




For more Updates Do follow us on Social Media

2 views

Comments


bottom of page