Indian Jewelry Boom Defies Odds as Sales at PNGS, Kalyan and Titan Soar

Gems News: Indian Jewelry Giants Glitter Despite Economic Shifts

India’s jewelry sector is once again proving its unmatched resilience and sparkle, as the latest Q1 FY26 earnings reports from PNGS Gargi Fashion Jewellery Ltd, Kalyan Jewellers, and Titan Company show strong momentum despite volatile gold prices, geopolitical jitters, and changing consumer behavior. These brands, each operating in distinct segments, have successfully maneuvered around market headwinds to post impressive topline growth.

Despite the global economic crisis, Indian jewelry sales is booming
Image Credit: StockShots

This Gems News report highlights how strategic pivots, aggressive expansion, and a deep understanding of India’s jewelry-buying psyche have helped these major players turn uncertainty into opportunity.

PNGS Gargi Fashion Jewellery Sets the Pace with Affordable Luxury

PNGS Gargi Fashion Jewellery Ltd emerged as a top performer in the affordable luxury segment, clocking a 20.4 percent rise in revenue to Rs 27.31 crore in Q1 FY26. Net profits surged by 29.3 percent, reaching Rs 5.31 crore — up from Rs 4.11 crore in the previous quarter. A key factor in this performance was the shift from the FOCO (Franchisee-Operated-Company-Owned) model to a more efficient FOFO (Franchisee-Owned-Franchisee-Operated) retail strategy with P. N. Gadgil & Sons, rolled out in April 2024.

Gargi operates a robust network of 98 retail touchpoints, including 33 shop-in-shops with PNGS, 51 with other partners, and 14 exclusive brand stores. The brand’s deep catalog of over 15,000 SKUs offers style diversity at multiple price points — from everyday wear to festive and bridal options — making it especially appealing to younger, fashion-conscious buyers.

With zero debt on its books, Gargi is positioning itself for further growth by focusing on design innovation, digital transformation, and higher inventory efficiency. It’s tapping into the aspirational mindset of India’s growing urban middle class who seek fashionable yet accessible jewelry options.

Kalyan Jewellers Goes Global and Digital with Force

Kalyan Jewellers reported a strong 31 percent year-on-year revenue growth for the first quarter, supported by buoyant Akshaya Tritiya and wedding season demand. Domestic sales were driven by an 18 percent same-store-sales growth, showing not just new store contributions but increased productivity across existing locations.

Its international business — especially in the Middle East and the United States — grew at the same 31 percent clip, with the Middle East alone accounting for a 26 percent rise. Today, non-Indian markets contribute around 15 percent to the company’s overall revenue.

Digital-first brand Candere stood out with 67 percent growth, boosted by a new brand campaign launched in May 2025. As a result, website traffic and store footfalls saw significant spikes. Kalyan opened 19 showrooms during the quarter and is targeting the launch of 170 more in FY26 — including 75 Kalyan outlets in non-south Indian regions, 15 in the south and overseas, and 80 Candere stores.

The brand’s total global footprint now stands at 406 showrooms, comprising 287 in India, 36 in the Middle East, 2 in the US, and 81 Candere outlets — a well-balanced mix of traditional and digital retail models.

Titan Posts Strong Sales but Faces Margin Pressure

Titan Company, parent to beloved brands like Tanishq and Mia, saw revenues jump 26 percent in Q1 FY26 to Rs 17,550 crore. Jewelry, its largest business vertical, also grew by 26 percent. But despite this, net profit remained flat at Rs 1,047 crore, compared to Rs 1,053 crore in the same period last year.

The flat profit is attributed to high gold prices — peaking at Rs 79,775 per 10 grams in October 2024 — and elevated marketing costs as the brand aimed to capture festive demand. Yet, Titan’s continued dominance in the premium jewelry space shows that Indian consumers still place high trust in the brand, particularly during weddings and major celebrations.

Tanishq continues to benefit from its wide design appeal, reputation for purity, and its ability to offer a premium experience both in-store and online.

What’s Ahead for the Glittering Trio

The outlook for Q2 and beyond appears positive. Gargi is betting on its retail reach and trend-forward collections, Kalyan is readying for an even bigger expansion blitz ahead of Diwali, and Titan is set to ride the wave of wedding purchases with its premium lineup.

The industry is being powered by a perfect storm of favorable factors — rising disposable incomes, a younger consumer base, digital adoption, and the ongoing shift from unorganized to organized jewelry retail. Festive spending, regional weddings, and a return to traditional buying behavior post-pandemic are all expected to fuel further gains.

India’s jewelry retail is not merely surviving challenging market conditions — it’s thriving and evolving. From budget-friendly baubles to timeless heirlooms, the sector is clearly on a growth runway. With such momentum, PNGS Gargi, Kalyan Jewellers, and Titan are poised to not just dominate India’s glittering market but also leave a lasting impression on the global stage.

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