MUMBAI: Gold jewellery players Kalyan Jewellers, Titan Company, and PNG Jewellers, buoyed by a robust festive season, expect the momentum to continue through Q3.
The quarter has started with encouraging growth, Ramesh Kalyanaraman, executive director of Kalyan Jewellers, told investors during an earnings call on Wednesday. “We are also approaching the wedding season and expect to end the quarter on a strong note,” he added.
Titan Company, which houses brands like Tanishq, CaratLane, and Mia by Tanishq, derives 88% of its sales from the jewellery segment. During its earnings call last week, the company said it had seen strong demand during Navratri, followed by a brief slowdown towards the end of October.
However, consumers were returning to stores this month, it added. Saurabh Gadgil, chairman and managing director of P N Gadgil Jewellers, also said Navratri and Diwali were strong for the company .
Twenty-four carat gold prices had climbed to as high as Rs 1,80,000 per 10 grams in January-end, remained above Rs 1,50,000 for the next few months, and have now inched down to Rs 1,41,000-levels. The fall in prices has boosted demand, said Rajesh Rokde, chairman, All India Gem and Jewellery Domestic Council (GJC).
According to the GJC, gold jewellers across the country clocked sales of Rs 60,000 crore-Rs 70,000 crore during Dhanteras, considered an auspicious day to buy gold. This was 30% higher than last year in value terms, while sales in volume terms remained flat. Analysts had expected gold jewellery companies to deliver subpar results in the second quarter as the festive period shifted to Q3 in FY27. But the companies surprised the street.
Sales touch Rs 70,000cr during Dhanteras
Gold jewellers across the country clocked sales of H60,000 crore-H70,000 cr during Dhanteras, considered an auspicious day to buy gold. This was 30% higher than last year in value terms, while sales in volume terms remained flat, according to All India Gem and Jewellery Domestic Council.
