Sales at India-based jeweler Titan Company surged in the second fiscal quarter, driven by a reduction in gold import duties that spurred jewelry purchases.
For the three months ending September 30, the company reported a 26% year-on-year increase in jewelry revenue. This growth was mainly in plain gold products, while gem-studded jewelry underperformed.
Titan said consumer demand rebounded after a slow first quarter. The reduction in customs duty on gold imports from 15% to 6% led to a significant rise in sales of plain gold items. The non-studded segment saw high double-digit growth, while the solitaire category experienced a decline due to price uncertainty and market conditions in international markets.
In addition, sales of watches and wearables rose by 20% year-on-year. Titan continued to see strong sales of high-value watches, benefiting from premiumization, where higher perceived value allows for higher prices. Consumers and retail partners made purchases ahead of the holiday season, which started with Navaratri on October 3 and will continue through to Diwali and Dhanteras at the end of the month.
Titan also expanded its retail presence, opening 64 new stores during the quarter, bringing its total to 2,885 locations.
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