National News
Kalyan Jewellers India Ltd recorded PAT of Rs 219 crore in Q3 FY25
~ The first-of-its-kind store aims to redefine Gold and Silver Shopping with Innovation, Luxury, and Unmatched Convenience ~
Kalyan Jewellers India Limited recorded consolidated revenue of Rs 7287 crore in Q3 FY25 as against Rs 5223 crore in the corresponding period of the previous year, a growth of 40%. Consolidated PAT for Q3 FY25 was Rs 219 crore as against a PAT of Rs 180 crore for the corresponding period in the previous year. Consolidated PAT growth would be 44% adjusting for the loss due to reduction in customs duty (announced during Union Budget in July 2024).
The standalone revenue for the company (India) in Q3 FY25, was Rs 6393 crore, as against Rs 4512 crore in Q3 of the previous financial year, a growth of 42%. The India operations recorded PAT of Rs 218 crore for the quarter compared to a PAT of Rs 168 crore for the corresponding period in the previous year. Adjusting for the customs duty loss the PAT growth would be 54%.
Total revenue from the Middle East operations during Q3 FY25 was Rs 840 crore as against Rs 683 crore in Q3 FY24, a growth of over 23%. The Middle East operations recorded PAT of Rs 15 crore for the quarter compared to a PAT of Rs 14 crore for the corresponding period in the previous year. The PBT grew by 23% over the corresponding quarter of the previous year. However, the PAT growth for Q3FY25 was impacted due to the introduction of new corporate tax in the UAE.
The e-commerce division, Candere, recorded a revenue of Rs 55 crore in Q3 FY25 versus Rs 29 crore in Q3 FY24. The company recorded a loss of Rs 6.9 crore in Q3 FY25 versus a loss of Rs 1.6 Cr during Q3 FY24.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers India Limited said, “We are extremely excited with the way the current year has progressed. The current quarter has started off well despite the volatility in gold prices. We are upbeat about the ongoing wedding season and expect to end the financial year on a strong note. We are on track for the launch of 30 Kalyan showrooms and 15 Candere showrooms in India during the current quarter.”
National News
Dhanteras-Diwali 2026: Strong Footfalls, Value-Led Growth Across India’s Jewellery Trade
Price easing, wedding demand, diamond and silver momentum and strong festive bookings are driving growth, while volumes hold steady
Dhanteras Diwali 2026 opened on a confident note for India’s jewellery industry. On Dhanteras Retailers and industry bodies reported higher footfalls, double-digit value growth and a visible shift in what customers are buying. Volumes, however, are largely flat, and the growth is being carried by price.
The recent decline in prices of gold has encouraged consumers to seize the opportunity to buy gold ornaments during Dhanteras and Diwali season in India. According to the GJC, gold jewellery sales climbed 15–20% over the two key festive days to reach Rs.62,000 crore. Preliminary estimates from the All India Jewellers and Goldsmith Federation (AIJGF) put combined gold and silver festive sales past Rs.66,000 crore.
Market Size and Growth
GJC estimates India’s Dhanteras gold business at roughly Rs.60,000 crore on preliminary assessment. Rajesh Rokde, Chairman, GJC, says value growth is expected at 15–20% over last year, with volumes “almost at the same level. ” He calls it “a very encouraging start for the jewellery industry.”
Prithviraj Kothari, MD, RiddiSiddhi Bullions Ltd. and National President, IBJA, offers a similar read. Jewellers expect sales value to rise 20–30% while gold volumes stay roughly flat, so growth comes mostly from higher prices rather than more grams sold. He notes that sentiment is clearly better than through most of 2026, though people are spending carefully. The correction has brought buyers back, and many who postponed purchases while prices were climbing are now completing them.
Dr. Saurabh Gadgil, CMD, PNG Jewellers, says industry indications point to 25–30% incremental performance. He attributes this to easing prices, strong pre-Dhanteras bookings and a long Diwali weekend. He further adds that silver jewellery and articles are in high demand, a pattern echoed by other brands that observed smaller silver coins are selling.
Jignesh Mehta, Founder & MD, Divine Solitaires, reports 30% growth in festive sales. Consumers place greater emphasis on transparency, authenticity and quality assurance. He cites the company’s 123-parameter Quality Guarantee and standardised pricing as the response.
Sandeep Kohli, CEO of Indriya – Aditya Birla Group Jewellery, stated that, as expected, the company witnessed a strong surge in footfall and sales across its retail network. All 100 stores nationwide maintained positive momentum, with customers continuing to show strong interest in Indriya’s high-quality jewellery designs.
Varghese Alukka, Managing Director, Jos Alukkas, reports that festive sales improved on last year through a wider customer base, although average bill values dipped slightly.
Harshal Khandelwal- Director- Khandelwal Jewellers Akola Pvt Ltd says that with their exclusive Book & Relax offer, patrons securing their favorite gold jewelry and coins ahead of time, entirely free from the anxiety of fluctuating rates.
What Customers Are Buying
Gold: Sachin Jain, Regional CEO India, World Gold Council, notes strong walk-ins across retail markets. Buyers are choosing jewellery, coins, bars, ETFs and digital gold. He says the recent price moderation has given buyers relief.
Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers said shoppers favored lighter pendants, bangles and chains, as well as smaller gold and silver coins.
Ashish Pethe, Partner, Waman Hari Pethe Jewellers, reports tremendous enthusiasm for gold jewellery despite price fluctuations, with the trust and emotional connect people share with gold remaining strong. Interest spans both traditional and contemporary lightweight designs.
Suvankar Sen, MD & CEO of Senco Gold Ltd, reported that diamond jewellery sales had grown impressively, with sales value increasing by over 25% year on year, supported by higher store footfalls. He also highlighted the growing consumer interest in natural diamond solitaires for gifting, special milestones and self-purchase, particularly smaller solitaires and lightweight designs. In Men’s jewellery, he flags growing interest, with Senco’s Aham line catering to men who see jewellery as personal style.
Silver and multi-metal: Ansh Anand, CEO, Punjab Jewels, reports strong interest across gold, diamond, platinum and silver. He further states, that customers are prioritising design, craftsmanship and quality alongside investment value, and festive enthusiasm has held despite elevated metal prices.
Key Trends
Jayantilal Challani, Chairman, Challani Group of Companies, observes a visible shift from heavy traditional jewellery to everyday elegance. He describes buyer mood as “calculated optimism and value-driven purchasing,” with high gold rates prompting disciplined shopping.
Asavari Pednekar, MD, Jagannath Gangaram Pednekar (JGP) Jewellers, says the desire to buy gold remains strong, but decisions are increasingly shaped by price movements and affordability. Consumers are adapting budgets and evaluating purchases carefully, with value, design, craftsmanship and sentiment guiding buying. Joyalukkas’ slightly lower average bill value reflects the same trade-down.
- Old gold exchange is a growth lever. PNG’s, Saurabh Gadgil says exchange is playing a big role, including in tier 2 and tier 3 cities.
- Weddings and savings-led purchases. Suvankar Sen reports strong participation from wedding customers and from families buying jewellery as savings.
Outlook
Sentiment is positive heading into Diwali and the wedding season. The WGC’s, Sachin Jain says the day’s response “offers an encouraging outlook for the year end.” Saurabh Gadgil notes that sales usually pick up in the second half of Dhanteras, so early figures may understate the final tally. Jayantilal Challani adds that grassroots spirit remains intact, which gives hope to jewellers who sell big and heavy pieces.
Dhanteras 2026 is a value-led recovery. Price easing, wedding demand, diamond and silver momentum and strong festive bookings are driving growth, while volumes hold steady. Retailers who combine lighter designs, smaller-ticket gold and silver coins, transparent pricing and exchange offers are best placed to gain.
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