Gold prices soar, Indians swap old jewellery for new as advance purchase schemes lose shine

With gold prices soaring, consumers have increasingly turned to exchanging old jewellery, resulting in a notable decrease in advance purchase scheme deposits across the market. Notably, Titan's Tanishq chain experienced a staggering thirty-nine percent dip year-on-year in deposits. Similar trends were observed at Reliance Retail and Jos Alukkas, which both reported significant declines in the previous fiscal. Experts anticipate this pattern will persist until gold prices stabilize.