Exchange-led sales hit 50-75% as gold price shock guts fresh jewellery demand in India
With 24K gold at ₹1,52,890/10g and May imports sliding to $3.42 bn, Indian jewellers from Tanishq to Kalyan are seeing old-for-new exchanges drive 50-75% of billings. Coin and bar demand has collapsed, inventory days have swelled to 170-180, and FY volumes may fall 13-15% as retailers pin hopes on Q3 weddings.
What happened
Titan Company · Indian jewellery retailers report exchange-led sales now driving 50-75% of business as high gold prices and import duty hike crush fresh
Key facts
- 75% exchange-led at Jos Alukkas
- 50% exchange at Senco
- Titan FY26 revenue ₹76,078 cr
- Thangamayil shares +50% in month
- 24K gold ₹1,52,890/10g on 15 Jun
- May gold imports $3.42 bn
- volume decline 13-15% expected FY
- inventory days 170-180 vs 140-150
Why this matters
Stressed regional jewellers carrying bloated inventory at peak gold prices become acquisition targets; explore bolt-ons in South India where exchange ratios are highest and balance sheets thinnest.
Also reported by
- Mint · Industry — 4h after first sighting