Why India’s jewellery market is still sparkling despite record gold prices

Thu Nov 13 2025

Gold prices have hit levels once thought unimaginable — hovering around Rs 1.26 lakh per 10 grams. Yet India’s branded jewellers are turning in some of their best numbers ever. The September quarter (Q2FY26) saw Titan Company, Kalyan Jewellers and other major retailers reporting strong revenue and profit growth. According to analysts tracking the sector, this unexpected resilience reflects a combination of shifting consumer preferences, premiumisation, and deeper formalisation in the jewellery market.

Consumers are trading up, not walking away

Analysts say the Indian jewellery buyer is evolving. Instead of reducing overall spending, many consumers — particularly in the mid-to-premium segment — are choosing fewer but higher-value purchases.

Titan’s jewellery division grew 27 percent year on year (YoY) in Q2 FY26, helped by a surge in solitaires and studded jewellery. CaratLane, Titan’s subsidiary, saw a 32 percent increase in sales and a 78 percent rise in profit.

Source: https://www.moneycontrol.com