Gold prices have experienced a 2% surge on Monday, June 15, 2026, following a rebound from previous day's lows, as reported by The Economic Times. The precious metal's rise is attributed to easing inflation worries and expectations of geopolitical stability. According to The Economic Times, leading Indian jewellery brands including Tanishq, Malabar Gold & Diamonds, and Joyalukkas reported higher rates for 22k gold jewellery across major cities. This latest surge comes amid ongoing market volatility, with gold prices having surged more than 80% year-on-year as reported by The Financial Express, creating continued challenges for the jewellery sector. As per ET Now, the sector's momentum remained intact as consumers continued to purchase jewellery and gold coins even amid elevated prices.
According to The Financial Express, Titan remains Nuvama's preferred pick among listed jewellery companies despite gold prices surging more than 80% year-on-year. The brokerage house noted that while some peers reported faster growth, Titan's combination of scale, customer growth and brand strength keeps it well positioned within the sector. As reported by ET Now, Nuvama continues to favour Titan as its top investment pick, citing its improving buyer growth, strong brand positioning and strategic focus on gold exchange programmes. The industry has managed to maintain strong revenue growth despite elevated gold prices and rising import duties, with customer demand remaining surprisingly resilient due to wedding demand and major festivals. The latest price surge suggests continued market optimism despite the challenging price environment.
According to The Financial Express, Titan delivered 45% year-on-year revenue growth excluding bullion sales in Q4FY26, supported by healthy performance across its flagship jewellery brands. The brokerage highlighted a 'strong resurgence in buyer growth' with customer additions rising 8% after several quarters of relatively flat trends. As per ET Now, Titan's flagship brands, including Tanishq, Mia and Zoya, delivered like-to-like growth of 50%, with the company's growing focus on old-gold exchange programmes helping reduce dependence on fresh gold purchases while improving customer engagement. The latest price surge indicates sustained customer interest despite the challenging price environment.
As reported by The Financial Express, the leading jewellery players showed varied revenue growth in Q4FY26, with P N Gadgil Jewellers leading at 126%, followed by Sky Gold at 80.6%, Kalyan Jewellers at 68%, BlueStone at 48%, and Titan and Senco Gold both at 45%. According to ET Now, P N Gadgil Jewellers posted one of the strongest performances with revenue surging 126%, aided by robust consumer response during Gudi Padwa celebrations and the company's Foundation Day sales campaigns. Kalyan Jewellers continued its strong run with a 68% jump in revenue, supported by same-store sales growth of 45%. Senco Gold reported a 45% rise in revenue, driven by healthy same-store sales growth of 35%, while Bluestone's revenue increased 48% year-on-year to ₹680 crore, backed by same-store sales growth of 34%.
According to The Financial Express, customers are increasingly opting for lightweight jewellery and lower-carat products to manage budgets amid the massive gold price surge. The brokerage noted that sale of gold bars and coins jumped to 40% of overall Q4 revenue mix for some retailers, with Titan reporting more than 200% year-on-year growth in its coin business. However, this trend has created pressure on margins because coins typically generate lower profitability than studded jewellery. As reported by ET Now, retailers are increasingly encouraging customers to exchange old jewellery for new purchases to navigate the challenging environment. Titan has been particularly successful in this strategy, with recycled gold now accounting for nearly half of its gold sourcing requirements, while other players have highlighted similar approaches as customers increasingly opt for exchange schemes instead of fresh purchases.
As reported by The Financial Express, Titan's margins continued to face pressure due to a higher contribution from lower-margin gold coins and an increasing share of gold in its studded jewellery portfolio as prices climbed. According to ET Now, P N Gadgil also reported margin compression, attributing it to changes in product mix and elevated promotional spending, while Bluestone's profitability was similarly impacted, with gross margin declining by around 290 basis points excluding inventory gains of ₹52.4 crore. Despite margin pressures across parts of the sector, Nuvama believes organised jewellers remain well placed to benefit from resilient consumer demand. Titan plans to add approximately 40 Tanishq stores annually, while Kalyan Jewellers plans 150 stores in FY27 and Senco Gold plans 18-20 stores in FY27. The growing role of old-gold exchange programmes has become a key strategy among leading retailers, helping customers manage higher gold prices while reducing dependence on fresh imports.
