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Over the years, advertising has become an important part of both the corporate and academic worlds. It has emerged as one of the most popular subjects among teachers and students in business schools. No wonder India’s advertising market has grown at an annual rate of 6–7% over the past five years, recently crossing ₹1 lakh crore in size.
Celebrity endorsements are now an integral part of this ecosystem. Film stars, sportspersons, and intellectuals frequently lend their name to consumer brands, shaping public behaviour and aspirations. There is nothing inherently wrong with this. Yet unease arises when a Bharat Ratna, the nation’s highest civilian honour, is used to promote private commercial products.
Is this where the ethical boundary must be drawn?
A recent encounter illustrates this concern. A street vendor and his wife, both participants in our ongoing research project on financial inclusion, informed me that they had exchanged their household gold through Tanishq’s Gold Exchange Scheme. Their decision was entirely based on Sachin Tendulkar’s advertisement, which conveys the message that such an exchange is a service to the country. It reflects faith in the words of a national icon. The problem is not that corporate entities use such faith for their benefit, but that the national icon allows such a practice.
The Gold Exchange Promise: Cost of Silence
Tanishq’s Gold Exchange scheme has drawn wide attention for its “cost-free” offer to exchange old jewelry for new. With cricket legend and Bharat Ratna Sachin Tendulkar as its face, the campaign projects trust, patriotism, and reliability. Yet a closer examination reveals a far more complex financial reality.
Experts and consumer watchdogs have highlighted several hidden costs of gold exchange schemes. Typically, the cost of crafting new designs is borne by customers, making charges are often bundled into the final price or presented opaquely. When old gold is melted and recast, some metal is lost in the process, so customers receive jewelry valued according to the reduced weight. As a result, they end up with less than what they exchanged.
While none of this may be illegal or unusual in the gold trade, Tendulkar’s silence about these costs is misleading. Was this silence due to ignorance or by choice?
The Influence of Tendulkar: More Than a Celebrity Endorsement
A Bharat Ratna awardee is more than an individual; they embody national virtues such as integrity, sacrifice, and excellence. Their voice carries moral weight. When such an awardee lends their voice to a corporate message, the line between national service and private profit becomes blurred. Notably, no other recipient of the Bharat Ratna has engaged in corporate promotions.
Sachin Tendulkar is an exception. He is regarded as the God of Cricket. Tendulkar’s influence extends far beyond the game, and he holds an unmatched social stature. He has lent his name to several companies. However, Tendulkar must be mindful that companies pay to leverage the influence of national icons to sell their products. This reality underscores why such endorsements merit closer ethical scrutiny.
Profit-Making by Corporate Entities: Nothing Illegal or Unethical
Corporate entities exist to earn profit for shareholders. Titan has excelled on this front. Its revenue rose from ₹10,000 crores in FY2014 to ₹60,000 crores in FY2025, with profits growing from ₹700 crores to ₹3,300 crores. Over 75% of its sales revenue goes toward material costs, primarily gold. Buying old gold helps lower material costs and improve margins.
Whether Tendulkar’s message benefits consumers or the country is uncertain, but it clearly benefits Titan by supporting this cost-reduction strategy.
Greater Transparency and Accountability Needed
With great influence comes great responsibility. When a national icon endorses a product, consumers deserve full transparency about the costs and risks involved. Ethical considerations must go beyond legal compliance to maintain consumer trust and confidence. National icons, particularly those honored for their contribution to collective ideals, must recognize the weight of their words.
It is time for all stakeholders, government, regulators, and celebrities, to establish ethical standards for endorsements, especially for national icons. Until such frameworks evolve, consumers must stay alert, questioning not only what is said but also what remains unsaid.
After all, in the world of business, all that glitters is not gold, and what glitters is rarely cost-free.