Commodities
Indian Jewellery Market Defies Rising Gold Prices with 35% Revenue Growth
The Indian jewellery market has shown remarkable resilience in the face of rising gold prices and increased customs duty, with listed majors reporting an average revenue growth of 35% year-on-year (Y-o-Y) in the June quarter.
The sector's top performers include Sky Gold and Diamonds, Thangamayil Jewellery, Bluestone Jewellery, Lifestyle, Kalyan Jewellers, Titan, and PN Gadgil. These companies have seen their stock prices surge, with some gaining up to 50% in the past year.
Demand for gold jewellery remains strong, driven by weddings and festive seasons, despite the hike in gold import duty. To offset higher gold costs, retailers are focusing on exchanges, lower price points, and premiumisation through lightweight and lower-carat offerings.