7 months ago
Jewellery Retailers Report Strong Sales Despite High Gold Prices
Even though gold prices have reached very high levels, some big jewelry companies in India are doing really well.
Titan Company, P N Gadgil Jewellers, and Kalyan Jewellers India all reported strong sales growth in the last quarter of 2025.
People are still buying gold because they see it as a good investment, especially during uncertain times.
These companies are also opening new stores and introducing new products, like lab-grown diamonds, to attract more customers.
However, the prices of these companies' stocks are also very high, which might make some investors cautious.
Gold prices have reached record highs of Rs 1.44 lakh per 10 grams in Mumbai.
Titan Company reported a 41% year-on-year growth in its jewellery division for the December 2025 quarter.
P N Gadgil Jewellers saw a 46% year-on-year growth in retail sales in the same period.
Kalyan Jewellers India reported a 42% year-on-year growth in consolidated sales for Q3FY26.
Despite strong sales, jewellery retailer stocks trade at high valuations, with Titan Company at over 90 times P/E.
- Who
- Titan Company, P N Gadgil Jewellers, Kalyan Jewellers India
- What
- Strong sales growth in the jewellery retail sector despite high gold prices
- Where
- India
- When
- December 2025 quarter
- Why
- High demand for gold as an investment and for festive and wedding season purchases
Key facts
- Gold Price
- Rs 1.44 lakh per 10 grams in Mumbai
- Titan Company's Jewellery Division Growth
- 41% y-o-y in Q3FY26
- Titan Company's Consolidated Jewellery Revenue
- Rs 16,522 crore in Q2FY26
- PNG's Retail Sales Growth
- 46% y-o-y in Q3FY26
- Kalyan Jewellers' Consolidated Sales Growth
- 42% in Q3FY26
- Titan Company's P/E Ratio
- More than 90 times
- Kalyan Jewellers' P/E Ratio
- More than 50 times
- PNG's P/E Ratio
- 27 times




