Gujaratis Cash In on Gold Rally, Sell Rs 3,804 Crore Worth in Six Months
Record-breaking gold prices have prompted Gujaratis to sell off their idle jewellery, with an estimated Rs 3,804 crore worth of gold sold for cash in the first half of 2026. According to the World Gold Council's (WGC) latest report, Indians sold 50.4 metric tonnes of scrap gold between January and June this year.
The WGC valued the recycled gold at around Rs 76,087 crore based on average quarterly prices on the Multi Commodity Exchange (MCX). Estimates by the India Bullion and Jewellers' Association (IBJA) suggest Gujarat accounts for roughly 5% of the country's scrap gold market.
Industry experts noted that while many households in Gujarat chose to hold onto their gold, hoping for further gains, some individuals took advantage of the record prices to liquidate their gold. 'The trend of selling gold for cash is much lower in Gujarat,' said Haresh Acharya, director of IBJA.