Festive demand, weddings lift Q2 growth for jewellery firms

Festive demand, weddings lift Q2 growth for jewellery firms

Major jewellery companies have posted strong double-digit growth in the September quarter despite a surge in gold prices, supported by festival demand, weddings and steady international performance.

The July-September period also saw aggressive retail expansion and a rise in online sales across leading brands.

Titan Company’s consumer businesses grew 20 percent from the year-ago period. It stepped up its retail presence by adding 55 stores during the quarter, taking the network to 3,377 outlets.

The Tata group company’s domestic jewellery business grew 19 percent and domestic operations 18 percent. Higher gold prices led to a rise in average ticket size, offsetting marginal declines in buyer counts, it said.

“The impact of Q2FY25’s high base (due to custom duty reduction) was offset by the early onset of the festive season in September this year,” Titan, which started as a watchmaker, said in its quarterly update.

The company added 34 new jewellery stores in India, including six Tanishq stores, 18 Mia stores and 10 CaratLane outlets. Its international business grew 86 percent year-on-year, led by a doubling of sales in the US and double-digit growth in the GCC region.

Kalyan Jewellers reported a 30 percent growth in consolidated revenue, with India operations rising 31 percent from the year-ago period.

The Thrissu-based company said the performance was “driven primarily by robust wedding demand and a strong start to the festive season”.

It added that Navratri sales, which were not part of the base quarter, helped balance the impact of a high base. Same-store sales grew around 16 percent. International revenue rose 17 percent, with Middle East revenue up 10 percent. Its digital-first platform, Candere, posted a 127 percent growth.

During the quarter, it opened 15 Kalyan showrooms in India, two in the Middle East and 15 Candere outlets.

PC Jeweller’s standalone revenue grew 63 percent. It opened a new franchise showroom in Delhi’s Pitampura.

PN Gadgil Jewellers reported record festive season sales of Rs 618 crore during Navratri and Dussehra, up 65 percent from the previous year. Navratri sales were up 66 percent at Rs 428 crore and Dussehra sales were up 64 percent at Rs 190 crore.

Its gold revenue rose 64 percent, diamond 47 percent and silver 133 percent. Chairman and managing director Saurabh Gadgil said, “Crossing record sales during Navratri and Dussehra, with Dussehra delivering our highest-ever single-day festive sales, is a proud milestone for PNG Jewellers.”