Indians trade in old gold to buy new jewellery amid U.S. tariffs

Reuters Videos

Updated Wed, Apr 16, 2025, 2:49 AM

STORY: Indian consumers person been forced to commercialized successful golden ornaments to spend caller jewelery…

As fluctuating U.S. tariffs person caused prices to soar.

The precious metallic reached grounds precocious prices of implicit $3,245 an ounce connected Monday (April 14).

Meanwhile, home golden prices are nearing $1,116 per 10 grams, according to Mumbai jeweler Kumar Jain.

He said arsenic it’s wedding season, with astir 80,000 taking spot adjacent month, radical swapping successful aged golden has go a trend.

According to jewelers, these aged bangles and rings are aboriginal melted and turned into golden bars for contiguous exchange.

Local lawsuit Samaira said that the complaint of golden was astir doubly what she had paid previously.

"We had travel present to resell our golden jewellery due to the fact that determination is simply a wedding successful our family. The golden prices person accrued a batch truthful we person nary enactment but to speech our aged jewellery. I bought the aged jewelery during my wedding and the terms was astir $583 - but now, the prices person soared up to implicit $1,100 dollars. So, we person nary enactment but to speech our aged jewelery to bargain caller jewelery."

Jewelers besides said they were experiencing little than fractional their accustomed lawsuit traffic.

India is the 2nd largest user of golden aft China.

Jewelery makes up astir 70% of India's full golden demand.