The encyclopedia · Sales & Retail · Marketing decision · 2025–2026
Tanishq accepted any old gold at full value to unlock India's hoarded gold
Tanishq's first-ever 0%-deduction exchange turns idle jewellery of any karat into buying power — 33% of sales already come from exchanges.
Titan Company (Tanishq)
the move
Gold hit record highs in 2025 and buyers held back. Tanishq responded with its first-ever 'zero deduction' exchange offer across all gold categories, even as low as 9 karat, where previously only 14-karat-and-above pieces qualified, with deductions based on purity.
The mechanism: old jewellery is tested and credited at full gold value against the new piece, so customers can trade up without fresh cash. Exchange-linked purchases already made up about 33% of sales, and Tanishq expected the share to reach 40% after the rollout.
The scale of the opportunity is national: India holds roughly 25,000 tonnes of gold in private lockers while importing about 740–750 tonnes a year. 'We are helping people unlock value,' said Ajoy Chawla, CEO of Titan's jewellery division, conceding the programme costs extra working capital but creates an emotional hook.
The domestic jewellery business grew 19% in the September quarter even as buyer counts dipped, helped by the exchange push and the festive season.
why it works
- Old gold is the one asset every jewellery customer already has.
- Zero deduction beats rivals' 3–6% wastage charges.
- It restores affordability when prices make new purchases feel reckless.
- The emotional hook — 'your gold still has value' — drives store visits.
what transfers
When rising prices price out your buyers, find the asset they already own and let it pay: the exchange is not a discount, it gives people a budget.
what came after
After the rollout, Tanishq kept the zero-deduction programme running across flagship stores and, with festive-season tailwinds, reported double-digit growth in its jewellery division, with exchange-driven purchases rising toward the 40% share management had projected.
references
- Is your old gold a hidden treasure? Tanishq's new strategy could unlock its full value for you
- Here's what you should know to exchange old jewellery for new
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