For decades, gold in India has been more than just jewellery.
It has functioned as an emotional asset, a cultural symbol and, increasingly, an economic one. In millions of Indian homes, gold sits quietly inside lockers, often untouched for years but never without emotional value.
But now, India’s relationship with gold is entering a new phase.
According to SBI Research, India’s gold imports rose from $57.9 billion in 2024 to an all-time high of $72.4 billion in 2025 1 . At a time of rising gold prices and pressure on foreign exchange reserves, reducing dependence on the import of gold in India has become an increasingly important economic priority.
And yet, there is a striking contradiction at the centre of this conversation.
Even as India continues importing massive quantities of gold every year, Indian households are estimated to already hold nearly 25,000 tonnes of gold 2 . In many ways, some of India’s biggest gold reserves may already be sitting inside family lockers.
That paradox is quietly changing consumer behaviour.
Across cities and smaller towns alike, families are increasingly beginning to look at old jewellery differently- not just as sentimental assets, but as dormant value that can be reused, redesigned and brought back into circulation through gold exchange.
What was once seen as something people considered only occasionally is now becoming a more mainstream way of buying jewellery, especially at a time when gold rates remain elevated.
Several organised jewellery brands have expanded their gold exchange programmes in recent months, reflecting growing consumer interest in exchange-led purchases instead of entirely fresh gold buying.
Among the more visible examples has been Tanishq’s “Your Old Gold,India’s New Strength” initiative with Sachin Tendulkar, launched months before gold imports became part of mainstream national discussion. The campaign positioned the gold exchange not just as a transactional benefit, but as a smarter and more responsible way of participating in India’s gold economy.
