India's Jewellery Market Shifts Focus from Gold Volumes to Value

India's ₹7 lakh crore jewellery market is witnessing a shift in how it grows. The market, which has traditionally been measured by the volume of gold sold, is now focusing on selling more value per gram. This change is being driven by record high gold prices, which have led consumers to buy fewer grams but still spend heavily on jewellery.

Organised jewellers are growing their businesses by selling lighter products, diamonds, newer designs, and a broader brand proposition. Titan's jewellery business grew 43% in the June quarter, while Kalyan Jewellers reported 46% growth in consolidated revenue. Senco Gold also entered FY27 with strong growth.

The World Gold Council (WGC) said India's jewellery demand fell 17.1% by volume in H1 2026, but the demand value rose 40% to ₹2.13 lakh crore. This divergence is forcing a rethink of how the market grows and is no longer just about selling more grams of gold.

Jewellers are also turning to recycling old gold to reduce their dependence on imported bullion. Kalyan Jewellers' 'Shine with India' campaign aims to increase the share of recycled gold to 55%-60%. The company's consolidated revenue rose 46% to ₹10,589 crore in Q1 FY27.