Gujarat Jewellers Promote Gold Exchange Schemes Amid Rising Prices
Swap, don’t shop: Gujarat jewellers push gold exchange schemes
The Times Of IndiaImage: The Times Of India
In response to Prime Minister Narendra Modi's call to limit gold purchases, jewellers in Ahmedabad, Gujarat, are shifting focus to exchange schemes. With nearly 80% of sales now through exchanges, retailers aim to sustain demand while reducing import reliance as gold prices soar.
- 01Jewellers in Ahmedabad are promoting gold exchange schemes to counter rising bullion prices.
- 02Approximately 80% of jewellery sales are now through exchange programmes.
- 03Retailers plan to introduce special offers to stimulate demand and reduce fresh imports.
- 04Gujarat's gold imports reached 114.38 metric tonnes in FY 2025-26 despite high prices.
- 05The gem and jewellery sector supports nearly 50 lakh workers across India.
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Jewellers in Ahmedabad, Gujarat, are adapting to rising gold prices and Prime Minister Narendra Modi's appeal to reduce gold purchases by promoting exchange schemes. According to Manoj Soni, a local jeweller, nearly 80% of jewellery sales are now occurring through these schemes, as fresh demand wanes due to high prices. Retailers are expected to introduce more special offers linked to old gold to sustain market demand while minimizing import pressure. Despite record-high prices, Gujarat's gold imports reached 114.38 metric tonnes in the fiscal year 2025-26, highlighting the ongoing reliance on imported bullion. The World Gold Council reported a 20% year-on-year increase in net recycling in India, indicating a shift in consumer behavior toward monetizing old holdings. The Indian gem and jewellery industry, which employs nearly 50 lakh workers, continues to demonstrate resilience during challenging times, with stakeholders exploring balanced solutions to support the sector.
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The promotion of gold exchange schemes can help sustain local jewellers' businesses and protect jobs in the industry amidst rising prices.
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