Amid steep rise in gold prices, gold exchange and recycling have gained momentum across the country and Tanishq, the jewellery brand from the House of Tata, has taken the lead by spearheading one of India’s largest gold exchange initiatives aimed at strengthening self-reliance through recycling.
To keep things in perspective, in the last 20 years, gold rates have gone up at CAGR of 12.5% and more than tripled in the last five to six years.
Including making charges and GST, a 10 gram gold coin is today priced at about ₹1,34,000. Jewellery would cost more because it involves higher making charges.
According to industry estimates, there are about 25,000 tonnes of gold in private lockers in India. This includes houses, banks, temple trusts, and non-government entities in India. This amount does not include gold reserves with the Reserve Bank of India.
India imports about 720 to 780 tonnes of gold a year and if a portion of it can be met through internal sources, it would make a big difference.
Through its ongoing ‘Make India Stronger with Tanishq Exchange’ campaign, Tanishq is encouraging families to unlock the true value of their gold in lockers, offering a 0% deduction on exchange across all karatages (KT) even as low as 9KT for the first time ever.
The offer, started in September, has been accepted well in the market and if all jewellers follow this, it would lead to less imports. Today, almost 99% of gold is sourced from outside India, draining valuable foreign exchange given that gold is the second-most imported commodity after oil.
The initiative has also seen a notable increase in customers exchanging gold below 18KT, reflecting both rising awareness and the persistence of purity concerns in the market.
Tanishq is seen doing 100% of its business through exchange addressing growing consumer concerns around gold authenticity.
“Despite record-high gold prices, we are witnessing renewed enthusiasm this festive season. Consumers are viewing price volatility as a strategic opportunity to reinvest — whether through gold coins or by upgrading their existing jewellery,” Ajoy Chawla, CEO, Jewellery Division, Titan Company Ltd., said in an interview.
”Our Zero Deduction Gold Exchange Program has seen a sharp rise in traction, with its contribution increasing from the usual 35–36% to 38–40% since Navratri,” he said.
“Overall growth is being driven by higher ticket values, while buyer growth remains in early single digits. With initiatives like our exchange program, consumers are converting idle gold into meaningful pieces that blend emotion, heritage, and value,” he added.
“Given what is happening in the world and given that India has been put under pressure [through tariffs] there has been
a call for Atmanirbharta, there is a call for self-consume. While now we make all the jewellery here, we import all the gold and this should be reduced,” Mr Chawla said.
“We can save imports for the country at a time when the country is facing some heat in exports. The current account deficit may come under pressure, rupee may come under pressure. So, we are saying import less fresh gold and exchange,” he added.
When customers exchange their old gold they are insulated from the high gold prices and exchange also solves the country’s need. It’s also good for the planet as less gold will be mined,” he added.
Published – November 08, 2025 08:12 pm IST
Source: https://www.thehindu.com/business/recycle-gold-cut-imports-for-nations-sake-says-tanishq/article70256512.ece
