Old is gold, new is expensive—Why more people are exchanging gold jewellery instead of buying: Explained

As gold prices have soared over 50% this year, shoppers are swapping their old jewellery for new pieces instead of investing more funds, turning the festive season into a gold exchange bonanza. According to executives cited by ET, the share of gold exchanges in total sales reached a record level. Tanishq, owned by Tata, expects exchanges to make up nearly 50% of sales on Dhanteras this year, a major rise from 35% last year. Reliance Retail reported that roughly a third of its jewellery sales now come from exchanges, up from 22% previously, while Kolkata-based Senco Gold said the proportion has increased from 35% to 45%. Reliance retail chief financial officer Dinesh Taluja said that rising prices have prompted customers to recycle old gold jewellery, rather than investing into