Indian jewelers offer cash for gold to boost festival sales
Indian jewelers are making it easier to get some quick cash by letting people sell their old gold jewelry, just in time for the festive season.
Big names like Kalyan Jewellers India Ltd, Titan, and Joyalukas also offer cash for gold, hoping to boost sales after a tough stretch with high import duties and slow demand during the adhik maas period.
Gold hits ₹160,480 per 10g
With gold prices reaching ₹160,480 per 10gm on August 21, jewelers are tapping into household gold reserves increasingly.
Kalyan boosted its recycled gold share from 31% to 46% in the June quarter.
Even though pricey gold has slowed down buying, retailers are optimistic that these new schemes will spark demand as wedding and festival shopping ramps up, especially since weddings drive about 60% of India's total gold purchases.