Gold Prices Weigh Heavily on Indian Jewellery Market Volumes

India's jewellery market is experiencing a paradoxical trend. Despite gold prices being at an all-time high, consumers are buying fewer grams of gold, but spending more on jewellery overall.

The World Gold Council (WGC) reported that India's jewellery demand fell by 17.1% in volume in H1 2026, while the value of jewellery demand rose 40% to ₹2.13 lakh crore.

Organised jewellers are adapting to this shift by selling lighter products, diamonds, newer designs, and a broader brand proposition. Titan's jewellery business grew 43% in Q1 FY27, with buyer growth in the early double digits and average ticket sizes rising in the high double digits.