Titan’s diamond jewellery growth catches up with gold for the first time in quarters

Titan saw its diamond jewellery business grow nearly in line with its gold jewellery segment in the June quarter, unlike the pattern seen in recent quarters. CFO Sonthalia said gold jewellery and diamond jewellery both grew in the range of 34-35% during the quarter, a rare instance of parity between the two categories.

“This was the quarter where gold jewellery and diamond jewellery almost grew in tandem, you know, 34, 35%,” he said, noting that in previous quarters, studded jewellery growth had consistently trailed gold jewellery even when it was expanding. Ashok Sonthalia added.

He attributed the shift to strong acceptance of lower-carat diamond jewellery, particularly in the 14-carat and 18-carat range, which he said was becoming “a sizable part” of overall jewellery sales and lifting margins in the process.

However, Sonthalia said the shift was more visible on a quarter-on-quarter basis, adding that the overall product mix remained largely unchanged from a year ago. He expects the trend to continue in the second quarter, which coincides with Titan’s annual Festival of Diamonds.