With gold prices trading at elevated levels, jewellers are seeing a noticeable shift in customer behaviour, with old-gold exchange programmes gaining traction among buyers, according to Soumya Khurana of Khurana Jewellery House.

Speaking to CNBC-TV18, Khurana said that customers are increasingly bringing in their old gold jewellery to exchange against new purchases, a practice that helps offset the impact of high prices. She also noted that buyers are now setting their budgets first and then selecting pieces accordingly, rather than choosing jewellery and discovering the cost later — a reversal of the traditional pattern where selections were made first and pricing followed.

Old-gold exchange schemes, offered widely by Indian jewellers, allow customers to trade in used gold ornaments, with the value adjusted against the purchase of new items after evaluating purity and applying applicable deductions. For retailers, such programmes also help keep footfalls and sales moving during periods when high prices might otherwise deter purchases, effectively recycling existing household gold into new demand.

Looking ahead to the festive and wedding season, Khurana said she expects jewellery sales to rise around 30% in value terms. The festive and wedding period, which typically spans the second half of the calendar year in India — anchored by occasions such as Diwali and Dhanteras — is traditionally the strongest demand window for gold jewellery in the country, when buying is widely considered auspicious. India is one of the world's largest consumers of gold, and jewellery demand during this window is a key driver of annual sales for retailers.

The comments come as high gold prices continue to shape buying patterns, prompting consumers to look for ways to manage costs — through exchanges, budget-first planning, and lighter-weight pieces — while still making purchases for upcoming occasions.