The sparkle in Indias listed jewellers Buffetts thriving portfolio rise of AI agents and more
Why Indias listed jewellery players are on a roll AI agents vs apps and more in our weekly wrapup
India's listed jewellery players like Titan, Kalyan Jewellers, and Senco Gold are experiencing record growth, driven by a shift from unorganised to organised markets. Organised players now hold 35% of India's ₹6 lakh crore jewellery market, up from just 5% in 2000, according to a Motilal Oswal report.
Key Drivers of Growth
- Rising Gold Prices: Despite gold prices crossing ₹90,000 per 10 grams, demand remains strong. Titan reported a 25% YoY sales jump in Q4FY25, with higher average ticket sizes offsetting lower footfall.
- Monthly Instalment Schemes: These schemes, offering discounts on making charges, have boosted sales. Tanishq saw a 10% rise in deposit schemes, while Reliance Jewels surged 24% in FY24.
- Wedding Demand: Wedding jewellery accounts for 60% of annual demand, with 2024-25 seeing more auspicious dates post-pandemic.
Expansion Strategies
- Franchise Models: Titan (768 stores), Kalyan (278 stores), and Senco use asset-light franchise models (FOCO, FOFO) to scale rapidly. Kalyan plans to add 170 stores in FY26.
- Inventory Management: Players hedge gold price volatility using metal loans and push higher-margin studded jewellery.
Competitive Landscape
Unlisted giants like Malabar Gold & Diamonds (375+ stores) and new entrants like Aditya Birla's 'Indriya' (₹5,000 crore investment) are intensifying competition. Global risks like US tariffs (10% on imports) could pressure margins for exporters.
Investor Outlook
While Titan's EBIT margins hover at 12-13% and Kalyan's at 7-8%, slowing growth and pricing wars may squeeze profitability. Long-term trends favour organised players with scale, branding, and customer trust.
For more insights, explore our weekly wrapup.
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About the Author
Michael Rodriguez
AI Technology Journalist
Veteran technology journalist with 12 years of focus on AI industry reporting. Former AI section editor at TechCrunch, now freelance writer contributing in-depth AI industry analysis to renowned media outlets like Wired and The Verge. Has keen insights into AI startups and emerging technology trends.