However, Titan’s flagship brands Tanishq, Mia and Zoya recorded mid-teen growth in studded jewellery, outpacing the performance of plain gold ornaments.
Suvankar Sen, chief executive officer of Senco Gold, said that gold prices are currently up 40% to 50% higher compared with the previous festive season, which has led to a shift in demand patterns.
“The focus will likely be on lightweight, studded jewellery as rising prices have become a concern,” he told NDTV Profit, adding that diamond jewellery sales remained on a strong footing despite the broader market headwinds.
Meanwhile, Colin Shah, managing director of Kama Jewelry, noted that demand for lightweight 9-carat, 14-carat and 18-carat pieces is trending in the domestic market.
“Affordability and festive buying are driving the shift. The demand for heavy traditional jewellery has slowed temporarily but should recover as we enter the winter wedding season,” he said.
The changing product mix is expected to support margins in the coming quarters. The increasing share of studded jewellery, which carries higher realisations, will likely lead to margin expansion, although rising marketing costs may partly offset the gains.
