India's gold recycling market is expanding rapidly as rising prices push households to exchange old jewellery, but customers must watch for purity checks, deductions and opaque valuation practices
The gems and jewellery industry is likely to face challenging times ahead following the hike in gold import duty to 15 per cent, from 4 per cent earlier, a move that could spur the grey market, the All India Gems and Jewellery Council (GJC) said on Wednesday. "Business is now going to become difficult on the back of the Prime Minister's austerity measures and following the import duty hike in bullion. What the industry fears is that this will give rise to grey market... smuggling is likely to grow, setting up a parallel economy in the country," GJC chairman Rajesh Rokde told PTI. Explaining the duty hike, Rokde said, now the import duty that includes Customs Duty, GST and Agricultural Cess will make gold costlier by around Rs 27,000 per 10 grams from the earlier Rs 13,500/10 gm. He said the GJC has called an all-associations meeting of the industry in Mumbai on Wednesday to mull over the recent policy decisions and decide on further action. Meanwhile, jewellery retailer Senco Gold
Gold-related stocks are likely to remain in focus post 15% import duty hike. In the last two days, these shares tumbled up to 15% after PM Modi appealed to Indians to abjure buying gold for a year.
The higher duties could dampen demand in the world's second-largest consumer of precious metals, although they may help narrow India's trade deficit and support the rupee
Shipments have been stuck at customs since the start of the financial year on April 1, ensnared by administrative bottlenecks and a lack of clarity over taxes
India's gold investment demand jumped 54 per cent to 82 tonnes between January and March, overtaking jewellery for the first time since 2000, while jewellery's share fell to a record low 44 per cent
Titan, Kalyan Jewellers, Sky Gold and Thangamayil Jewellery can potentially rally up to 15 per cent from here, believes Om Mehra, technical research analyst at SAMCO Securities.
Titan's domestic jewellery business delivered strong revenue growth in Q4 owing to the upcoming wedding season, festivals such as Gudi Padwa and Eid during the quarter, said ICICI Securities.
In the Q4FY26, Senco Gold reported a revenue growth of 46 per cent year-on-year (Y-o-Y), leading to a 35 per cent Y-o-Y growth for FY26 as compared to 21 per cent Y-o-Y growth in FY25
Additionally, the share of gold loans in overall retail loans of banks has now doubled to 6 per cent (January 2026), from 3 per cent as of January 2025
Changes shift gold jewellery limits to a weight-based system and remove value caps on personal electronics to improve traveller convenience
The value of gold, the note said, is only 60 - 70 per cent of the jewellery purchase price. The weak performance of diamonds, which form a meaningful part of the jewellery purchase price, caps gains.
Technical charts suggest that shares of gold loan firms, which have surged over 50% so far in 2025, could rally another 17% from here; while a likely mixed outlook for jewellery makers and sellers.
Tanishq is promoting jewellery exchange as the best way to buy gold amid soaring prices, with Sachin Tendulkar as brand partner, and expects strong festive and wedding demand
With gold climbing past ₹1 lakh, jewellers balance budgets and tradition through discounts and exchanges
Asthana added that the tie-up will extend the Sabyasachi experience digitally to over 20,000 zip codes without compromising storytelling or service
Shanti Gold IPO: The unlisted shares of Shanti Gold International were trading at ₹238 in the grey market, commanding a premium of ₹39 or 19.6 per cent
Shanti Gold International IPO: The company aims to raise ₹360.11 crore through a fresh issue of 18.1 million equity shares. Check key dates, price band, lot size, objective, financials here
Consumers are favouring chains over independent jewellers, shopping frequently, and spending more on gifts, Kalyan Jewellers' Executive Director Ramesh Kalyanaraman said in an interview
Domestic gold prices hit a record high of ₹99,358 per 10 grams earlier this month