India Jewellery: Feet on the Street: Gold exchange initiatives gain traction

Research evidence excerpt

India Jewellery: Feet on the Street: Gold exchange initiatives gain traction

J P M O R G A N Asia Pacific Equity Research

08 July 2026

India Jewellery

Feet on the Street: Gold exchange initiatives gain

traction

We conducted channel checks across major jewelry retailers to understand how Consumer, Retail, Media

ACthey are attracting footfall through various gold exchange and encashment Latika Chopra, CFA

schemes. The government’s recent policy actions have started to be reflected in (91-22) 6157-3584

lower gold imports: 29 tons in May (from 46 tons in April, -4% y/y). Retailers have latika.chopra@jpmorgan.com

responded by aggressively promoting zero-deduction gold exchange offers and Himanshu Singh

launching gold-for-cash programs, driving as much as half of sales at leading (91-22) 6157-3610

chains through recycled gold and supporting footfall. This should help abate the himanshu.x6.singh@jpmorgan.com

regulatory overhang on the sector due to lower FX pressure from reduced imports. Saransh S Gokhale

As the market adapts to policy and macro shifts, we see further upside for organized (91-22) 6157 3578

saransh.gokhale@jpmchase.com

players who are able to innovate on product mix and customer engagement. We J.P. Morgan India Private Limited, J.P. Morgan

remain OW on TTAN – the core jewelry franchise remains underpinned by Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

structural tailwinds, such as sector formalization, expanded brand play to capture

various customer cohorts, sustained design-led innovation, and a widening of the

distribution footprint to support the medium-term ambition of a ~20% CAGR over

FY26-30E.

• Demand is re-shaping fast – led by recycling and lighter, lower-carat

products.