Let the marked price of the item be ₹750, and let the first discount be 12.5%. After the first discount, the price becomes:
\[
\text{Price after 12.5% discount} = 750 \times \left( 1 - \frac{12.5}{100} \right) = 750 \times 0.875 = 656.25
\]
Now, a second discount of \( x % \) is applied, and the final price is ₹525. So, we have the equation:
\[
656.25 \times \left( 1 - \frac{x}{100} \right) = 525
\]
Solving for \( x \):
\[
1 - \frac{x}{100} = \frac{525}{656.25} = 0.8
\]
\[
\frac{x}{100} = 1 - 0.8 = 0.2 \quad \Rightarrow \quad x = 20
\]
Thus, the value of \( x \) is \( \boxed{20} \).