Jewellery Stocks Are Rallying. What Q1 Told Us About India's Jewellers?

Since the start of the week, gold jewellery stocks have been shining bright. At first glance, you might think it’s simply because gold prices are at record highs. But if you look a little closer, the real story is much more interesting.

The Q1 business updates from the country’s leading jewellers show that demand has remained surprisingly resilient, even with gold trading at higher prices. To us, that’s the biggest takeaway. Consumers are still willing to buy, and organised players continue to gain market share. Will deep dive into each company’s Q1 updates.

Let’s start with Kalyan Jewellers,

The company reported around 38% revenue growth, while same-store sales grew 28%. What stood out to us wasn’t just the headline number. Existing stores are selling more, not just new stores, contributing to growth, and that’s usually a sign of healthy underlying demand.

Another interesting trend is the rising contribution of recycled gold, which now accounts for nearly half of Kalyan’s revenue. As gold prices move higher, more customers are exchanging old jewellery instead of making entirely fresh purchases. It’s a shift in consumer behaviour, but an important one.

Now, let’s look at Senco Gold,

Senco Gold showed a very similar picture. Revenue grew around 60%, while same-store sales increased 38%. Interestingly, its old gold exchange programme contributed nearly 43% of sales volume, the same trend we saw at Kalyan.

Then comes the market leader, Titan,

India’s largest jewellery retailer once again delivered a strong quarter, with its jewellery business growing 39%, showing that premium demand continues to hold up despite elevated gold prices.

But here’s what caught our attention.

The growth story isn’t limited to India anymore. Both Titan (+128% growth) and Kalyan (+35% growth) are expanding aggressively overseas, particularly in markets with a large Indian diaspora across the Middle East. This could become an important growth driver over the next few years.

At the same time, consumer preferences are also evolving. Lifestyle jewellery is growing faster than traditional jewellery. Kalyan’s Candere delivered an impressive 112% growth, while CaratLane reported 42% growth, highlighting how younger buyers are increasingly favouring Lifestyle lightweight jewellery brands.

PC Jeweller’s update told a different story. Revenue grew around 21%, but the bigger highlight was its balance sheet. The company has reduced its debt by more than 90% and expects to become debt-free this quarter. After years of repairing its finances, that’s a significant turnaround.

So, while record gold prices may have grabbed the headlines, we think the bigger story lies beneath the surface. Organised jewellers are strengthening their brands, expanding globally, adapting to changing consumer behaviour, and attracting younger customers. And over the long run, those trends could matter far more than where gold prices move next.