Recently, while addressing the nation, PM Modi urged the people of the country to reduce oil consumption, adopt WFH, and commute using public transportation. In his appeal, he also stated that people should not buy gold for weddings or any other functions for one year to cut import dependence, as the world is facing critical issues such as the war involving Iran, Israel, and America’s intensified involvement.
His appeal to avoid gold purchases has taken a different turn in Gujarat. As per the ground reports, many jewellers have already started a ‘swap old jewellery with new one’ scheme. This means a person can give their old jewellery and get new jewellery in return by paying the additional charges required.
As per one of the jewellery shop owners in Ahmedabad, nearly 80% of the sales are now happening through exchange schemes. Buyers have also become very adaptive to these new schemes, where they can get new jewellery without paying any big amount.
He also added that this scheme is also helping to keep demand active, as the fresh jewellery demand has already weakened because of the continuous rise in gold prices. This scheme helps the market running.
He said that this swap scheme has already become a trend in the organised retail industry. Earlier, Tata-backed Tanishq jewellery brand had introduced a similar scheme with zero deduction across all karats of gold. This significantly pushed consumers to swap old jewellery for new purchases.
It is noted that this industry is a livelihood medium for lakhs of people. As per reports, nearly 50 lakh workers depend on this industry, including artisans, retailers, and small businessmen across the whole country. Thus, any shift in fresh gold purchases can significantly impact the trade and the people who get employment from this industry.
According to the reports, in the financial year 2025-26, despite the high prices, Gujarat’s gold imports recorded around 114.38 metric tonnes. On the other hand, the net recycling or scrap supply in India also rose by 20% in the first quarter of 2026 and is estimated to rise more in the next quarter.
Also Read: Gujarat, Get Ready For Census 2027: House Listing Starts From June 1 https://www.vibesofindia.com/census-2027-house-listing-in-gujarat-starts-from-june-1/
