Jewellery retailers in India have observed a substantial increase in old gold exchanges, with some reporting a 60% year-on-year rise in transactions. This trend is largely attributed to escalating gold prices, which have prompted consumers to recycle existing jewellery rather than purchase new items with cash. Following the government's recent hike in the effective import duty on gold to 15%, prominent figures in the industry, such as Joy Alukkas, have noted that exchange-led purchases now account for nearly half of their sales. For instance, Joyalukkas has seen its exchange sales soar to 65% of total sales, while Kalyan Jewellers has increased its exchange-led sales to 40-45%. The price of 24-carat gold has surged to ₹1,56,086 per 10 grams, compared to ₹99,961 a year ago. This shift not only reflects consumer behavior but also aims to reduce India's reliance on gold imports, as the country imports approximately 900-1,000 tonnes of gold annually. As a result, jewellery retailers are adapting their strategies to better utilize the substantial gold holdings within Indian households.