Titan Company has reported a 26% increase in jewellery revenue for Q2FY2025 (July to September 2024), with growth followwing a reduction in India’s gold duty from 15% to 6% in July, marking a notable policy change.
Revenue Performance Across Key Segments
For the quarter, Titan’s total consolidated revenue reached $1.62 billion (₹13,660 crores). Jewellery revenue showed significant growth, while the watches and wearables division reported a 19% increase during the same period.
Titan Managing Director CK Venkataraman commented: “After a muted Q1, Q2 witnessed encouraging growth across key businesses. Jewellery clocked healthy double-digit growth for the quarter. Our portfolio approach in this business of straddling diverse customer needs through the brands of Tanishq, Mia, Zoya and Caratlane is working well.”
By comparison, Q1FY2025 had seen a 9% year-on-year sales increase, highlighting the stronger momentum achieved in Q2.
Impact of the Gold Duty Cut on Consumer Demand
The reduction in gold duty, from 15% to 6%, contributed to what Titan described as a “revival in consumer interest,” particularly during July and August when gold prices temporarily eased. This increase in demand extended into mid-September.
“The custom duty reduction saw revival in consumer interest as gold prices cooled off temporarily. The ensuing gold rush lasted well into mid-September,” Titan stated in its report.
Implications for Jewellers and the Jewellery Industry
With its multi-brand portfolio, including Tanishq, Mia, Zoya, and Caratlane, Titan has addressed diverse customer needs across market segments. This strategy may serve as a model for other jewellers seeking to expand their market reach.
Titan’s Q2FY2025 results highlight the influence of gold pricing on consumer demand and the broader jewellery market. The company’s performance offers insights into strategies for navigating shifts in market conditions. For jewellers, these developments underscore the importance of agility in responding to changing market dynamics and consumer sentiment.
