India’s Titan Company reported “healthier” growth in sales of diamond jewelry as the price of gold continued its upward trajectory.
“I think it’s actually becoming very difficult to predict how the gold rate will continue moving,” Ajoy Chawla, CEO of Titan’s jewelry division, said on an analyst call last week. “If it accelerates at the rate at which its going…it becomes extremely challenging…and diamond prices have remained where they are. In this quarter, particularly…what has helped is ticket-size growth. The buyer growth in studded was healthier than that in gold, much healthier I would say.”
Around the Diwali and Dhanteras holidays, as well as the launch of the wedding season, the jeweler focused on launching special collections for red carpet-type events. The company has also expanded its customer outreach, especially to high-value customers, it shared. Those efforts have resulted in stronger sales of studded diamond jewelry.
“The value growth in studded has also got an additional kicker, thanks to a lot of high-value studded sales, where we are seeing very good traction,” Chawla continued. “We did a lot of exhibitions of special collections, red carpet, etcetera. We also did a lot of activity around wedding collections…especially to high-value customers…which has resulted in fairly good ticket-size growth.”
Titan also noted that it was not concerned with competition from lab-grown diamonds, given it was seeing “fairly good buyer growth” in lower-priced diamond-studded jewelry, which it explained was “where most of the lab-grown players are playing.”
The company reiterated that its customers were primarily seeking natural diamonds.
“In the spot checks that we do at Mia, CaratLane and Tanishq stores, customers have not commented ‘Why are you not keeping lab-grown diamonds?’” Chawla said. “Many of them continue to say, ‘I hope your diamonds are all natural.’”
During the third quarter that ended December 31, sales at Titan rose 24% year on year, with jewelry revenues improving 26%. Revenue from plain gold jewelry rose 24%, while sales of studded jewelry gained 21%. The three-month period also saw the highest quarterly total for studded jewelry for fiscal 2025, Titan added.
Image: A CaratLane store in India. (Shutterstock)
