TATA Group Titan’s jewellery business aims to grow through premiumisation by focussing on its brand Zoya

Gold prices have surged over 30% in 2025 so far, driven by heightened geopolitical concerns and central bank buying. However, the sheen of the Indian jewellery market has not diminished. There has been a shift in market share from unorganised to organised jewellery firms, with the share of organised players now at 37% in 2024, up from 23% in 2019. Most of this growth has gone to listed companies.

Titan’s jewellery business remained strong despite higher gold prices, although margins declined due to increased gold finance and input costs. Titan, India’s largest listed jewellery company, has benefited the most. The jewellery business comprises luxury, premium, and mid-market brands. The Zoya brand operates in the luxury portfolio, Tanishq in the premium segment, Mia, and Caratlane in the mid-market segment.

Titan maintains a geographically diversified retail presence with over 1,090 retail stores as of 31 March 2025, including 23 overseas stores in the Gulf countries, the US, and Singapore. The consolidated jewellery business total income in FY25 increased 21% from last year to Rs 466 billion (bn), driven by 23% value growth due to higher gold prices. However, volume growth slowed. The jewellery business dominates with an 81% revenue contribution, followed by watches and wearables at 7.9%, and eyecare at 1.3%. Further Titan aims to grow through premiumisation. For this, it aims to grow its premium brand Zoya at 40-50% annually for the next decade. It currently has 12 brands and plans to open 3-5 new stores yearly