National News
Gudi Padwa jewellery sales flat; demand for gold coins surges
Gold prices have surged to nearly Rs 90,000 per 10 grams (excluding GST) in the physical market, leading to a noticeable decline in jewellery sales in Maharashtra/Goa during Gudi Padwa, a festival traditionally associated with gold purchases. Despite this, demand for gold coins as an investment remains strong, as consumers anticipate further price appreciation. Mumbai’s largest gold hub has observed a shift in consumer behavior toward gold coins and bars. Traders said that buyers are purchasing gold coins with the expectation of future price increases.
As of Gudi Padwa, gold prices have reached nearly Rs 90,000 per 10 grams, making gold jewellery significantly more expensive. Higher prices have deterred traditional jewellery buyers, shifting demand towards investment-oriented purchases, such as gold coins. Industry experts anticipate that gold prices may continue to rise, reinforcing gold’s status as a long-term store of value.
Equal demand was observed between gold jewellery and investment-grade coins. Retailers introduced discounts and exchange offers, but high prices still impacted sales volume.Tier-2 cities experienced similar trends, with more gold coin buyers than jewellery shoppers. Lightweight jewellery, silver accessories, and gold-plated ornaments saw higher traction compared to heavy gold jewellery.
Global trade tensions and potential U.S. Fed rate cuts are boosting gold’s attractiveness as an investment. Investors are shifting towards gold due to its historical role as a hedge against inflation and economic instability The Indian Rupee’s performance against the U.S. Dollar is also a contributing factor to local gold price fluctuations.
National News
India’s Major Retail Jewellery Players Made A Strong Start To FY27
The Common Drivers Are Clear: Strong Same-Store Sales, Fast Store Expansion, Premiumisation, and A Better Product Mix.
India’s organised jewellery retailers have made a strong start to FY27, with Kalyan Jewellers, P N Gadgil Jewellers and Titan Company all showing that branded players can still grow quickly even in a record gold-price environment. The common drivers are clear: strong same-store sales, fast store expansion, premiumisation, and a better product mix.
Kalyan’s broad-based growth
Kalyan Jewellers reported about 38% consolidated revenue growth in Q1 FY27, with India operations also rising by more than 38% despite the 28-day Adhik Maas period, which usually softens wedding-related demand. Same-store sales growth was around 28%, showing that existing stores remained the main engine of momentum. Candere was a standout, posting about 112% growth, while Kalyan added 12 Kalyan showrooms and five Candere outlets during the quarter.
The company also highlighted a shift toward recycled gold through its “Shine with India” campaign, with recycled gold contributing more than 46% of revenue in Q1 and over 55% in June. That suggests Kalyan is not only growing demand but also improving sourcing efficiency at the same time.
PNG’s premium mix
P N Gadgil Jewellers reported 41% year-on-year revenue growth in Q1 FY27, with retail revenue up 56% and same-store sales up 46%, which points to very strong productivity at existing stores. Retail now contributes roughly 78% of revenue, while franchise and e-commerce also expanded healthily. The company’s retail stud ratio increased to 10.9%, indicating improving demand for studded jewellery and a higher-value product mix.
PNG also noted that newer stores in North and Central India are already showing higher studded jewellery penetration than its traditional Maharashtra and Goa markets. That matters because it signals that the brand is successfully taking its premium assortment to new geographies, not just expanding store count.
Titan’s steady momentum
Titan’s jewellery business also continued to grow strongly, with domestic jewellery operations rising around 18% to 39% depending on the business-update frame reported, supported by Akshaya Tritiya demand and healthy early-quarter buyer traffic. Titan said consumers increasingly preferred lightweight and lower-karat jewellery as gold prices climbed, while plain gold jewellery grew in the mid-teens and studded jewellery delivered early double-digit growth. Tanishq’s like-to-like sales grew in early double digits, and CaratLane also posted healthy double-digit like-to-like growth.
Titan expanded its jewellery network by adding 19 net stores in the quarter, including Tanishq, Mia and CaratLane outlets. That reinforces the same theme seen across the sector: scale, distribution and brand trust are helping large organised players win share.
What it means
The quarter suggests that high gold prices are changing what consumers buy, not whether they buy. Buyers are shifting toward lighter designs, lower karatage, studded jewellery and branded channels, which helps organised retailers defend growth even when raw material prices are elevated. In that setting, store expansion and premiumisation are offsetting pricing pressure, while digital channels and recycled-gold initiatives are adding another layer of resilience.
For the upcoming festive and wedding season, the sector appears well positioned, especially if gold prices stay volatile but not sharply disruptive. The strongest signal from these updates is that organised jewellery retail is gaining share from unorganised players rather than simply riding higher ticket values.
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