Indian jewellery major Titan Company announced on Monday that its fourth-quarter revenue rose 25% year-on-year, outperforming last year’s 17% growth despite a 15% increase in gold prices during 2024.
Rising gold prices have led some middle-class households to trim discretionary spending, but they have not significantly discouraged wealthier buyers. Affluent Indians continue to purchase gold ornaments for weddings and to hold as investment assets, supporting demand at the premium and bridal ends of the market.
Titan’s jewellery division—responsible for around 90% of the group’s revenue and operating under brands such as Tanishq and CaratLane—recorded particular strength in plain gold jewellery, which rose 27%, and in gold coin sales, which jumped 65%. These gains highlight a persistent consumer preference for gold not only as decorative jewellery but also as a store of value.
The company’s results suggest that while price-sensitive segments may scale back nonessential purchases when bullion prices climb, the higher-income cohort sustains sales through continued buying for ceremonial occasions and investment purposes. As a result, Titan’s balanced portfolio of branded jewellery and coin products helped it weather the inflation in gold prices and deliver robust overall growth for the quarter.
Looking ahead, continued urbanisation, rising incomes among higher spending groups, and strong demand for organised, branded jewellery are likely to remain important drivers for Titan’s jewellery business. Demand dynamics across price points will determine how the company navigates future fluctuations in bullion costs and consumer sentiment.