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India Today
7 days ago
- Business
- India Today
Old is gold indeed: Why jewellery exchange plans are a hit with Indians
Gold prices hovering at an all-time high of around Rs 1 lakh for 24-carat gold per 10 grams has put affordability of the yellow metal in question, with many consumers now preferring to make purchases by exchanging their old jewellery.'We see this trend gain real traction in recent times. Currently, nearly 25 per cent of our consumer base actively opts for exchange programmes when buying jewellery. This was much lower a few years ago,' says Rajesh Rokde, chairman of the All India Gem and Jewellery Domestic Council (GJC).advertisementSandeep Kohli, CEO of jewellery brand Indriya, affirms that gold exchange programmes have become an important driver of business as more consumers seek to get value out of their old jewellery and use that, along with additional money, to buy new designs. 'An old gold exchange programme helps consumers part-fund their aspiration of buying new jewellery,' says is a win-win for all—the brand and the consumers. 'Consumers get a new design without having to pay the full amount, and they are giving away old pieces of jewellery. A jeweller gets a customer who would have otherwise not purchased if having to pay the full amount,' says Kohli. Another key reason driving this demand is the hallmarking of gold, which has been made mandatory by the government, making consumers feel secure in the value of the gold they are selling and receiving. 'With hallmarking, gold is no longer a locked investment but a usable asset—one that retains worth and can be repurposed into new designs that suit evolving tastes and occasions,' says though, offers a word of caution. Consumers should ensure their gold is hallmarked. They should also verify exchange policies and understand the making charges involved before opting in. 'Clarity is everything in these programmes,' he vetting old gold exchange offers, Kohli says that jewellers deduct a certain percentage for old gold that is below 22 karat. If jewellery has a lower karat core and 22 karat on the surface, it would be difficult to detect without melting. Many times, customers realise the deduction only after their old gold is melted, which many a times leaves them with no option but to accept the deducted price of lower karat it is important for customers to check for deductions before going for any old gold exchange offer, advises Kohli. For fairness, he adds, Indriya offers 100 per cent exchange value for the old gold at the day's prevailing rate irrespective of the karatage of the old to India Today Magazine- EndsTrending Reel
Economic Times
7 days ago
- Business
- Economic Times
Sky Gold Q1 FY26 profit doubles to Rs 43.6 crore, revenue up 56%
The net profit of listed gold and diamond jewellery manufacturer Sky Gold and Diamonds doubled in the Q1 of FY26 to Rs 43.6 crore from Rs 21.2 crore in the corresponding quarter of FY25. The revenue from operations went up by 56.5 per cent to Rs 1,131 crore from Rs 723 crore in the Q1 of FY25. ADVERTISEMENT Commenting on the result, Mangesh Chauhan, managing director of Sky Gold and Diamonds, said: 'Our Q1 FY26 performance aligns with our vision of building a Rs 7,600 crore enterprise by FY27. We're seeing strong traction in exports, product innovation, and client acquisition. With exports poised to contribute 25% of revenues in the coming two years, our Dubai expansion will position us as one of the leading integrated gold jewellery manufacturers from India." The addition of 18 karat lightweight jewellery in its product portfolio has proven effective as high gold prices have led to customers shifting towards lightweight jewellery, the company said in a release. The company has also added new B2B clients like Aditya Birla's Indriya, Reliance Retail, CaratLane, PN Gadgil, PM Jewellers, Pothys and Vega in Q1 of FY26. These partnerships boost visibility across high-velocity regional company has increased exports from 8% in FY25 to 12% in Q1FY26 and further plans for 25% of export revenue over the next 18-24 months. Middle East, Malaysia and Singapore markets continue to anchor Sky Gold's international company release added that acquisition of the newly incorporated entity is the next step towards a fully functional sales and distribution office in Dubai (UAE) to tap into the Middle East region's rising demand for handcrafted, lightweight jewellery. Dubai is expected to drive Sky Gold's export-led growth roadmap. (You can now subscribe to our ETMarkets WhatsApp channel)
New Indian Express
13-07-2025
- Business
- New Indian Express
Indriya inaugurates its first store in Odisha
BHUBANESWAR: Indriya, the brand jewellery store of Aditya Birla Group, was inaugurated at Chandrasekharpur in Bhubaneswar on Saturday. The store features dedicated spaces such as a bridal lounge and a kaarigar room, offering visitors an immersive experience that blends tradition with contemporary elegance. With a curated selection of over 5,000 exclusive designs and more than 20,000 meticulously crafted jewellery pieces, including the brand's latest Aasmaniyat collection, the store in Bhubaneswar seamlessly blends the age-old craftsmanship with the aesthetics of contemporary design. Indriya now has 27 stores across the country including six in New Delhi, four in Hyderabad, three each in Mumbai and Pune, two each in Ahmedabad, Jaipur and Patna and one in Indore, Surat, Lucknow, Vi j ayawada and Bhubaneswar. 'The beauty of jewellery does not lie solely in its design, but in the personal meaning it holds and this belief lies at the heart of Indriya. Our ethos are deeply rooted in the cultural fabric that defines India and finds a natural resonance in Bhubaneswar, a city where heritage lives on through its temples and artistic legacy,' said chief marketing officer of Indriya-Aditya Birla Jewellery, Shantiswarup Panda. The target is to open 100 stores across the country in the next 18 months. In Odisha, five to six stores will be opened in the coming years, he said. Indriya's head retail and merchandising, Ananthanarayanan Hariharan, was present.
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Business Standard
08-07-2025
- Business
- Business Standard
Titan stock may lose some sheen as jewellery growth slows in Q1 FY26
Titan's business update for the April-June quarter (Q1) of FY26 indicated a slowdown in growth trends. Among the country's leading lifestyle companies, Titan recorded 17 per cent year-on-year (YoY) growth in the key jewellery division, lower than recent trends of 25 per cent growth. Like-for-like (LFL) growth was in the mid double-digits. Both overall growth and LFL were lower than for peers. Buyer growth was flat YoY for jewellery. The Q1 FY25 had a low base (9 per cent YoY growth), and the next three quarters of FY25 saw much higher growth. Hence, the base effect will be unfavourable for the rest of FY26. There is higher competitive intensity, with the entry of new players like Indriya. Companies are also trying to reduce variance in gold prices and making charges versus competition, focusing on concepts like gold exchange and EMIs. Titan has high valuations, so this has led to a correction in the stock price. Gold prices are up 35 per cent YoY in Q1 FY26, with 15 per cent of that rise coming in the April-June 2025 period itself. Given high gold rates, customers are opting for lightweight, lower-karat jewellery. The studded jewellery sales ratio to overall sales declined YoY, with strong growth in coins. Plain gold grew in the mid-teens, while the studded segment grew in low double digits. The company added 19 net jewellery stores in India: three in Tanishq, seven in Mia, and nine in CaratLane. The international business grew 49 per cent YoY, driven by a near doubling of Tanishq's US business. Tanishq opened a new store in Dubai, while Titan Eye+ opened a new store in Sharjah and closed one Mia store in the Middle East. Adjusted earnings before interest and tax (EBIT) for the jewellery segment rose about 18 per cent YoY, and the standalone jewellery EBIT margin was 11.9 per cent. Titan guided for 15-20 per cent jewellery sales growth in FY26, while maintaining an EBIT margin of 11-11.5 per cent. The company stated that lab-grown diamonds (LGDs) have not had a bearing on the prices or demand for smaller natural diamonds, which contribute over 95 per cent of studded sales. Titan is undecided on whether to enter the LGD market, as consumer behaviour is uncertain and unit economics are not established. On the management side, Ajoy Chawla, currently chief executive officer (CEO) of the jewellery division, will succeed Venkat as managing director (MD) from January 2026. Standalone recurring jewellery sales (excluding bullion) grew 25 per cent YoY to ₹11,230 crore. Domestic jewellery sales grew 23.4 per cent YoY, driven by growth in gold (27 per cent YoY) and coins (64 per cent YoY). Secondary sales growth was 20 per cent YoY (lower than primary due to channel loading pre-Akshay Tritiya), aided by higher gold prices. Same-store sales growth (SSSG) was 15 per cent YoY (versus Kalyan's 21 per cent). Studded jewellery growth was 12 per cent YoY. Tanishq's primary overseas sales from 21 stores were up 87 per cent YoY to ₹390 crore. CaratLane grew 23 per cent YoY, aided by 5 per cent buyer growth. The EBIT margin stood at 7.9 per cent (up 70 bps YoY), with studded sales up 19 per cent YoY. CaratLane added 9 stores. Watches and wearables grew 19.8 per cent YoY (domestic at 17.8 per cent YoY). Four net new stores were added in Titan World and five net new stores in Helios. The EBIT margin was up 330 bps YoY to 11.8 per cent. The Eyecare division grew 15.7 per cent YoY, and EBIT margin was up 560 bps YoY to 10.4 per cent. Titan Eye+ opened 12 new stores and closed 32, resulting in net 20 closures. Taneira sales growth of 15 per cent was led by a rise in saree values. Fragrances were up 56 per cent YoY, while the women's bag segment grew 61 per cent. LFL domestic growth for Tanishq, Mia, and Zoya was in low double digits, driven by ticket size growth, while CaratLane had better growth. Following the business update on Monday, the stock fell over 6 per cent on Tuesday to ₹3,441. According to Bloomberg, 7 of the 11 analysts polled since Monday are bullish, while two each are neutral and bearish. Their average one-year target price is ₹3,768.
Business Mayor
02-05-2025
- Business
- Business Mayor
Gold nears Rs 1 lakh: Jewellers cautiously hopeful of Akshaya Tritiya demand
Representative AI Image New Delhi: Even as gold prices hover at record highs, jewellers and retailers are cautiously optimistic about consumer turnout during Akshaya Tritiya. Consumer sentiment around gold remains buoyant despite volatility in the global economy and persistent inflationary pressures. Gold is currently priced at around ₹98,000 per 10 grams for 24K in many markets. Despite this, jewellers say sentiment remains positive, with both investment and occasion-led buying expected today. 'This Akshaya Tritiya is seeing strong interest despite high prices,' said Dr. Saurabh Gadgil, CMD of PNG Jewellers. 'While prices are at an all-time high, investor confidence in gold remains intact. The upcoming festival, positioned at the heart of the wedding season, is expected to draw both investment-led and occasion-driven purchases.' Jewellers are witnessing a shift in demand patterns, with rising interest in lightweight and studded jewellery, as consumers seek value and versatility. 'The high price points are accelerating consumer interest in natural diamonds, polki and coloured gemstones,' Gadgil added. 'There's also consistent demand for coins and bars, as consumers continue to view gold as a long-term, safe asset.' Retailers expect festive demand to remain resilient, but customer budgets are under pressure. In his recent interview with ETRetail, Ajoy Chawla, CEO of Titan Company's Jewellery Division, noted a clear divide in consumer behaviour. 'Gold is being perceived as a safe haven amid global uncertainties, but rising prices are creating anxiety. Consumers are torn between the urgency to buy during the festive period and concerns over whether prices will correct later.' Read More Luxury sector outlook clouded by China's slow recovery He added that Titan expects double-digit growth during Akshaya Tritiya, though largely led by higher ticket sizes. 'Buyer growth may be marginal. We're seeing more value-led transactions than volume-led ones.' Despite the cautious mood, companies are gearing up to drive in-store footfall and conversions. At Aditya Birla's Indriya stores, foot traffic is expected to increase, buoyed by new design launches and promotional offers. 'Jewellery buying during Akshaya Tritiya continues to be deeply rooted in Indian tradition,' said Sandeep Kohli, CEO of Indriya. 'While price sensitivity is real, customers are engaging with fresh designs and exploring flexible exchange policies.' Meanwhile, retailers are also leveraging new formats to meet changing consumer habits. Quick commerce platform Instamart has tied up with Kalyan Jewellers to deliver gold and silver coins in over 100 cities. The move marks Kalyan's debut on a fast-commerce platform, reflecting the evolving ways in which consumers are looking to make last-minute festive purchases. The initiative is aimed at tapping into impulse and convenience-led buying patterns. 'This partnership allows us to blend tradition with speed,' said Ramesh Kalyanaraman, Executive Director at Kalyan Jewellers. 'The option to order certified coins in minutes aligns with changing lifestyles and last-mile demand surges.' While demand for Akshaya Tritiya is expected to hold, jewellers say future trends will depend on gold price movements and broader economic conditions.
