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Old is gold: Couples ready to repurpose, jewellers plan promotions after PM’s message
Following PM Modi’s appeal and the hike in customs duty on gold, Delhi-NCR based jewellers say that more buyers are now open to exchange old jewellery instead of purchasing new pieces. Couples who are planning to get married this year are happy to reuse heirloom jewellery.
After Prime Minister Narendra Modi’s appeal to citizens to not buy new gold on Sunday, on Wednesday the government raised the customs duty on gold, silver from 6% to 15%. The move has been made effective to curb the import and save foreign exchange amid the ongoing US-Iran crisis. This has in turn encouraged many to-be-wed couples to think about repurposing their old gold, and jewellers across the nation confirm that buyers are turning up for more for exchanging old gold rather than buying new articles of the expensive metal.
“Gold price is already skyrocketing, so I have planned to repurpose old heirloom jewellery,” says Devika, a 28-year-old Delhi-based communications professional. Adding that in the current scenario where gold is getting expensive day by day, “anyone marrying during this time would feel the same”, she shares: “Old gold always has an emotional value to it. There’s a different attachment when you use your grandmother’s jewellery, and add a fresh layer of modernity to it.”
But witnessing the sudden plunge in number of buyers, ever since PM’s call to not buy new gold, hasn’t been easy for the jewellers. Most jewellery makers are in a fix as they do want to support the country in such times of need but not at the cost of their livelihood. “Also, we might survive but what about the workers whose daily living is getting impacted. They need to run their households, too. Karigar roz aake kaam mang rahe hain par naye buyers hi aana band ho gaye hain,” shares Gagan Aneja, from Sajdaa Diamonds in Karol Bagh. He adds, “We’ve started exchanging old gold so that people don’t ask for cash. Most of the buyers coming to the store now are bringing their old gold, and we aren’t making any deductions (in price) after melting it to be able to provide them with new designs from the same gold.”
“People have realised that they can make use of the gold lying in their lockers and help the national interest at the same time,” says Bhavesh Gaba, from Manoharlal Jewellers in Lajpat Nagar and Chandni Chowk, adding, “We are offering additional benefits to all our clients who are walking in to exchange their old gold.”
Echoing the shift, Rajat Jain from Naulakha Fine Jewels, shares, “Earlier everyone thought they don’t want to give their old gold as they considered it as a safe haven but always wanted to purchase new old; even the elderly in the family. But after PM Modi’s speech, everyone is trying to help the nation by recycling old gold that they have and buy new gold as less as possible. So the mindset has changed, and the conversation has started... Somewhere in the month of June, we will be looking at certain promotions pan India. Even GJC - All India Gem And Jewellery Domestic Council is creating a marketing campaign where all jewellers will be able to give certain promotional discounts at different levels to the consumers (in exchange for old jewellery).”
For more, follow HT City Delhi Junction
