Editor’s Note
**Editor’s Note:** Following PM Modi’s call, Chandigarh sees a surge in exchanging old gold for new jewellery, boosting local trade, workshops, and allied industries.
Following Prime Minister Narendra Modi’s appeal, a trend of exchanging old gold for new jewellery has rapidly gained momentum in Chandigarh. According to the Chandigarh Jewellers Association, this initiative will not only boost the bullion trade but also significantly support goldsmiths, the packaging industry, and the marketing sector. Increased orders for new jewellery have accelerated work in local workshops.
After Prime Minister Narendra Modi’s appeal, the trend of exchanging old gold for new jewellery has rapidly increased in the city. The impact of this shift has been clearly visible in Chandigarh’s jewellery market over the past three days.
At jewellery showrooms in Sector-22, Sector-17, Sector-35, and Manimajra, over 50 customers have arrived with old or heirloom ornaments to get new designs made. According to jewellers, people are now showing more interest in exchanging old gold rather than buying new gold. A major reason for this is that customers receive 100% exchange value on old gold. As a result, heirloom gold that has been stored in lockers for years is now returning to the market.
According to the Chandigarh Jewellers Association, this initiative will not only boost the bullion trade but also provide significant support to goldsmiths, the packaging industry, and the marketing sector. With increased orders for new jewellery, work in local workshops has picked up pace. Craftsmanship units that had been sluggish for a long time are now expected to see a revival.
Packaging and box manufacturing units in the Industrial Area are also beginning to benefit. Demand for premium gift boxes, velvet pouches, and designer carry bags for jewellery packaging is expected to rise.
Experts in the bullion market estimate that Chandigarh has about 20 to 30 tonnes of old gold.
The city’s population is approximately 1.2 to 1.3 million. If an average of 80 to 100 grams of gold per family is assumed, this figure easily reaches 20 to 30 tonnes. This includes heirloom ornaments, coins, and old jewellery.
Traders say that people in Chandigarh have always preferred modern and trendy jewellery. As a result, people are now getting lightweight and antique-design ornaments made in exchange for old, heavy pieces. This has increased liquidity in the market and brought new momentum to business.