Several leading gold jewellery brands such as Kalyan Jewellers, Malabar Gold & Diamonds, Muthoot Exim and MMTC-PAMP are pushing for gold recycling schemes following the recent hike in gold import duty and Prime Minister Narendra Modi’s appeal to defer gold purchases.
Such gold recycling schemes encourage people to exchange their old jewellery, broken or damaged ornaments, outdated designs, gold coins, etc, with new gold items. Jewellery brands claim that such recycling of gold will generate business without putting pressure on gold import, and help India save huge amounts annually in customs duty payments.
