The golden biz shift in India's ₹7 lakh crore market
India's jewellery market, valued at roughly ₹7 lakh crore, is experiencing a shift as consumers buy fewer grams but spend more on jewellery. Record gold prices are driving the demand for lighter, studded pieces and diamonds, alongside a broader brand proposition. Titan's jewellery business grew by 43% in the June quarter while Kalyan Jewellers reported a 46% increase in consolidated revenue.
Senco Gold also entered FY27 with strong growth, reflecting the changing dynamics of the market. Despite fewer grams sold, jewellery spending remains resilient, with jewellery demand value rising by 34.4% in Q2 CY2026 to ₹1.13 lakh crore. The World Gold Council (WGC) attributes this to the rising gold prices and price-sensitive nature of purchases.
To navigate expensive bullion, retailers are increasingly relying on recycled gold, with Kalyan Jewellers reporting a 46% revenue growth in Q1 FY27, with recycled gold accounting for over 46% of revenue. The shift in the jewellery market is towards selling more value per gram, with a focus on branding, design innovation, and customer experience.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
