A Golden Quarter: How India’s Jewellery Giants Thrived in a High-Price Era
High gold prices didn’t slow India’s jewellery sector. Instead, branded players gained share through better product mix, store expansion, and strategic customer behaviour shifts.
India just witnessed an unusual quarter: record-high gold prices, an early festive season, and a jewellery market reshaped by consumer psychology.
Three listed giants—Titan, Kalyan Jewellers, and Senco Gold—revealed how Indian buyers behave when gold climbs 40%+ in a year.
What actually happened?
Early in the quarter, customers hesitated. By mid-festive season, they accepted that high prices were the “new normal.” Purchases accelerated sharply.
Key behavioural shifts
Trading down:
Lighter designs, lower carats, and reduced average weight to fit the same budget.
Shift to studded:
Higher-margin studded jewellery grew fast. Titan and Kalyan already lead; Senco is catching up.
Exchange boom:
Old-gold exchange surged. Titan’s campaign became a customer-acquisition engine; Senco saw 40% of transactions from exchange.
Investment demand:
Gold coin sales jumped—Titan reported +65% YoY. High volumes, low complexity.
Big picture
The unorganised-to-organised shift is accelerating. Volatility, regulation, and trust are pushing customers toward large listed brands.
On the listed side, the ecosystem benefiting from this shift includes: