Organised jewellers in India are seeing sustained growth despite 80% surge in gold prices 

India’s organised jewellery sector is sustaining robust revenue growth despite an 80%+ surge in gold prices. Brands are achieving this through aggressive retail expansion in Tier-II to IV cities, a massive spike in old-gold exchange schemes, and strong structural demand from traditional weddings and festivals.

The jewellery demand remained resilient during the fourth quarter of FY26 despite record-high gold prices, with leading retailers reporting strong revenue growth and improved customer traction. Driven by weddings and festivals, jewellery demand has maintained steady momentum recently.

The brokerage expects demand trends to continue into the first quarter of FY27, although it cautioned that the Adhik Maas period and the government’s recent increase in gold import duty from 6 per cent to 15 per cent may create some short-term headwinds.