National News
Kalyan Jewellers Q4 Update:Revenue Surges 37% Year-on-Year
The recently concluded quarter has been a very fulfilling one recording consolidated revenue growth of approximately 37% when compared to the same period in the previous financial year despite extreme volatility in the gold prices.Our India operations witnessed revenue growth of approximately 39% during Q4 FY2025 as compared to Q4 FY2024, driven primarily by robust wedding demand. The quarter recorded healthy same-store-sales-growth of approximately 21%.
We launched 25 Kalyan showrooms in India during the recently concluded quarter, and another 3 showrooms during the first week of April 2025. We launched 14 Candere showrooms during Q4 FY 2025.
In the Middle East, we witnessed revenue growth of approximately 24% when compared to the same period in the previous financial year driven primarily by same-store-sales-growth. Middle East contributed approximately 12% to our consolidated revenue for the recently concluded quarter.
Our digital-first jewellery platform, Candere, recorded a revenue de-growth of approximately 22% during the recently concluded quarter as compared to the same period during the last year.
As communicated earlier, for FY 2026, we have drawn up plans to launch 170 showrooms across Kalyan and Candere formats – 75 Kalyan showrooms (all FOCO) in non-south India (including 5 larger-format flagship Kalyan showrooms), 15 Kalyan showrooms (all FOCO) across south India and international markets and 80 Candere showrooms in India. We have completed signing LOIs for the Franchisee Owned Company Operated (FOCO) showrooms planned for the year in India.
Kalyan is upbeat about the ongoing quarter and are witnessing encouraging trends in the advance collections for both Akshaya Tritiya as well as for wedding purchases for the festive/wedding season.As of March 31, 2025, our total number of showrooms across India and the Middle East stood at 388 (Kalyan India – 278, Kalyan Middle East – 36, Kalyan USA – 1, Candere – 73).
National News
WGC Gold Demand Trends Q2 2026: Gold Demand In Q2 Remained Unchanged Year-On-Year
Investment Is Expected To Be The Principal Driver Of Gold Demand Growth Through The Remainder Of 2026, Supported By Increasing Buying Activity In Asia and Broader Over-The-Counter (OTC) Investment.
Total gold demand, including OTC investment and stock changes, remained steady at 1,269 tonnes during the second quarter. This brought total demand for the first half of 2026 to 2,522 tonnes, representing a 2% year-on-year increase. Gold-backed exchange-traded funds (ETFs) experienced selling pressure in Q2, recording net outflows of 45 tonnes. These moderate outflows were driven by weaker gold prices and, particularly in North America, higher inflation and interest rate expectations alongside a stronger US dollar.
Key Highlights
Bar and coin investment remained stable year-on-year at 307 tonnes in the second quarter. This reflected a return to more normal demand levels following two exceptionally strong quarters.
Gold-backed ETFs came under selling pressure during Q2, with global holdings declining by 45 tonnes. The decrease resulted from combined outflows from both North American and Asian-listed funds.
Central banks significantly increased their gold purchases during the quarter. Following a noticeable slowdown in the first quarter, buying activity recovered sharply and returned to levels typically seen over the past four years.
Gold jewellery demand fell to 278 tonnes in Q2, marking the lowest quarterly level since the pandemic. Despite the decline in volumes, consumer spending on gold jewellery increased by 14% year-on-year to US$40 billion, as higher gold prices led consumers to allocate a larger share of spending toward gold jewellery.
Total gold supply remained broadly unchanged compared to the same period last year. A 2% increase in mine production offset a 6% decline in gold recycling, as lower quarter-on-quarter gold prices discouraged consumers from selling old gold jewellery.
Outlook
Investment is expected to remain the primary source of gold demand growth for the rest of 2026, with increasing support from Asian investors and broader OTC activity. Central banks are also expected to continue making significant gold purchases. Elevated gold prices are likely to keep jewellery demand volumes under pressure while prompting only a limited increase in mine production and recycled gold supply.
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