Summary of this article
Gold buyers are choosing lightweight jewellery amid high prices
Festive and wedding season provides a favourable near-term demand backdrop
Jewellers are responding with lighter designs, promotional offers and exchange schemes
The festive and wedding season is gathering pace, but high gold prices are pushing buyers towards lightweight jewellery and old-gold exchanges. Jewellers are reporting healthy order flows and store footfall, with the recent price correction providing some support to demand, according to the World Gold Council (WGC).
“Manufacturers are reporting healthy order flows as retailers replenish inventories to meet this seasonal demand, while industry feedback points to improving in-store footfall,” the WGC said in its latest India gold market update.
According to the India Bullion and Jewellers Association (IBJA), gold prices stood at Rs 14,315 per gram for 24-carat gold, Rs 13,113 for 22-carat, Rs 10,736 for 18-carat and Rs 8,374 for 14-carat gold as of October 22, 2026.
Since hitting a record high of Rs 17,885 per gram on January 30, 2026, 24-carat gold prices have fallen nearly 20 per cent.
Despite the correction, prices remain elevated, limiting the quantity of gold consumers can afford. Jewellers are responding with lighter designs, promotional offers and exchange schemes that allow customers to use existing gold holdings towards new purchases.
“The festive and wedding season provides a favourable near-term demand backdrop, with lower prices supporting jewellery spend although elevated price levels may continue to limit volume growth,” the WGC said.
Jewellery Sales Grow Despite High Gold Prices
Listed jewellery retailers reported revenue growth of 20-30 per cent year-on-year in the July-September quarter, according to the WGC. The growth came despite a less favourable festive calendar, with key festivals that supported sales in the same period last year shifting to the October-December quarter this year.
Old-gold exchange programmes have also become an important sales driver. Transactions involving old gold rose more than 10 per cent year-on-year and accounted for over 50 per cent of sales at some retailers, the WGC said.
PC Jeweller Plans Up To 100 Showrooms As Sales Rise 28%
PC Jeweller reported a 28 per cent year-on-year increase in consolidated sales to Rs 1,054 crore in Q2 FY27. Gross profit rose 68 per cent to Rs 325 crore, while operating earnings before interest, taxes, depreciation and amortisation (Ebitda) increased 74 per cent to Rs 310 crore.
Operating profit before tax (PBT) more than doubled to Rs 295 crore, up 116 per cent from Rs 136 crore a year earlier. Operating profit after tax (PAT) rose 107 per cent to Rs 299 crore from Rs 144 crore.
The company plans to open up to 100 large-format showrooms across Tier I, Tier II and Tier III cities over the next 12-18 months. The expansion will combine company-owned outlets with an asset-light franchise model, with the first new showrooms expected to be established in the current financial year.
“Showrooms are positioned to meet demand through the festive and wedding season, which falls largely in the second half of the year,” the company said in an exchange filing.
Senco Gold Sees 29% Retail Revenue Growth
Senco Gold reported a 29 per cent year-on-year increase in standalone retail revenue in Q2 FY27, while same-store sales grew 19 per cent. Total standalone revenue, including corporate sales, e-commerce and exports, rose 31 per cent.
For the first half of FY27, total revenue grew 48 per cent, retail revenue increased 40 per cent and same-store sales rose 30 per cent. The company said demand remained buoyant during the quarter, supported by festive purchases, weddings and a growing preference for lightweight jewellery.
Revenue from diamond jewellery rose 31 per cent by value and 7 per cent by volume in Q2. Senco Gold also opened six showrooms during the quarter, taking the total number of new outlets launched in the first half to 14.
Old-gold exchanges accounted for more than 50 per cent of sales in Q2, helping customers manage the cost of new jewellery purchases. The company said its exchange campaigns were aimed at supporting sales while conserving foreign exchange, but cautioned that a higher share of such transactions could put some pressure on margins.
Senco Gold is focusing on lightweight and 9-carat collections, faster inventory turnover and tighter stock management. It expects the wedding season, a favourable festive calendar and improving rural sentiment to support demand in the second half of FY27.
The company also sees an opportunity for organised jewellers to gain market share through established brands, sourcing capabilities and exchange programmes, despite affordability and working-capital pressures caused by high gold prices.
Titan Company is scheduled to announce its Q2 FY27 results on November 5, 2026, while Kalyan Jewellers is set to release its results on November 10.
Meanwhile, India’s gold imports fell to $1.8 billion in September, their lowest level since March 2024. Imports declined 22 per cent from August and 81 per cent year-on-year, with gross import volumes estimated at around 20 tonnes. The WGC attributed the fall partly to greater availability of domestic gold, including metal recycled through old-gold exchange programmes.
