When gold slips from crown to a likely millstone for Titan

Soaring bullion costs and high base dim jewellery's near-term sparkle, even as watches keep company's sales clock ticking

- RAM PRASAD SAHU

The country's largest listed gold jewellery maker, Titan Company, maintained its growth pace in the April-June quarter of 2025-26 (FY26). Higher gold prices slowed the addition of new buyers, but a rise in average sales per customer helped offset the drag on volumes and footfall.

Despite a tough macro backdrop, the domestic jewellery business of Tanishq, Mia, and Zoya grew 17 per cent year-on-year (Y-o-Y), with same-store sales up 12 per cent. Within the domestic segment, gold jewellery sales rose 15 per cent, studded jewellery (excluding CaratLane) gained 11 per cent, and coin sales jumped 46 per cent. CaratLane grew 39 per cent Y-o-Y, driven by deeper penetration in the digital-first jewellery space. The international jewellery business grew 48.5 per cent and turned profitable at the operating level for the first time.