Following Prime Minister Narendra Modi’s appeal to Indians to hold off gold purchases for a year and the government’s hike in gold import duties, numerous jewellery brands have launched gold recycling schemes, asking people to replace their old gold with new. They argue that this gold exchange can reduce India’s import bill immensely while still allowing buyers to get fresh gold.
Although trading in old physical gold with new might attract a lot of buyers in India, they should be aware that they might incur taxes when selling old gold and buying new.
