ET Deep Dive: Melting The Vault

Gold has always been India’s emotional anchor — heirlooms passed down for weddings, festivals, and hard times. But soaring prices are rewriting that relationship. This episode looks at why Gen Z and millennials are increasingly selling or exchanging inherited jewellery: a Mumbai couple who funded their first home, a Bengaluru banker who redirected proceeds into equities, a family that turned gold into a son’s US master’s degree and his father’s new business. We unpack the data behind the shift — jewellery demand falling as investment demand in bars and coins rises — and ask who really benefits when old gold gets recycled: the customer, or the jeweller. Lijee Philip and Shantanu Nandan Sharma report, Anirban Chowdhury narrates.