Gold price surge masks 19% volume drop as jewellers pivot to lightweight, studded bets
Q4 value demand jumped 47% to ₹99,900 cr even as jewellery volumes fell 19% YoY. Titan revenue rose 80.5% but Ebitda margin compressed to 7.2% from 10.7%. Kalyan (+66%), PNG (+124%) rode the rally. Playbook now: lower-carat, studded mix (Kalyan 31%, Candere 70%), and exchange schemes to hold price-sensitive buyers.
Indian jewellers' Q4 revenues surged on record gold prices despite 19% volume drop; Titan, Kalyan, PNG, BlueStone posted strong topline but margins compressed. Focus shifts to lightweight, lower-carat, studded jewellery and exchange schemes to retain price-sensitive buyers.