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Tanishq said high gold prices are pushing buyers to 18k and natural diamonds, after Titan's 25% Q2 revenue growth
Our read
Tanishq will more likely than not keep growing on 18k, lightweight, diamond and exchange-led sales while gold stays far above year-ago levels.
For operators
Tanishq is moving shoppers into 18k, lightweight and lower-carat diamond jewellery as 24k gold sits at ₹1,49,544 per 10 g, so jewellers should rebalance range depth and push exchange offers, which already account for more than half of Tanishq's jewellery business.
Watch
24k gold below the ₹1,66,450 peak of 3 March until the Q3 FY27 results would mean the 18k and lightweight shift is holding volumes without a price shock.
The report
Titan reported 25% year-on-year revenue growth for Q2 FY27, while Tanishq says high gold prices are shifting buyers to 18-karat, lightweight and lower-carat diamond jewellery. Natural diamond demand has revived since January, and more than half of jewellery business comes from exchanges.
- 3 March peak₹1,66,450
- 13 October₹1,49,544
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Reported figures
From the report. Source details below
| Peak quarterly growth in coin and bar investment demand: | 80% |
|---|---|
| 24k gold price per 10 grams on 13 October: | ₹1,49,544 |
| 24k gold price per 10 grams peak on 3 March: | ₹1,66,450 |
| Titan share price drop in last month: | more than 10% |
Why it matters for the brand
With natural diamond demand reviving since January and buyers trading into 18k and lightweight pieces, capabilities in lower-carat diamond jewellery and lightweight design look more strategically valuable than pure high-carat gold capacity.
What to track next
- Exchange share of jewellery business staying above half in the next results
- Natural diamond demand holding its revival since January through the festive season
- Titan's jewellery revenue growth against Q2's 25%
- 24k gold price moves from ₹1,49,544 per 10 g, the 13 October level
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Tanishq is likely to widen its 18k, lightweight and lower-carat natural diamond ranges and give them more display space.
- Titan is likely to keep promoting old-gold exchange, since exchanges are already more than half of jewellery business.
- Rival chains such as Kalyan and Malabar may add lightweight and 18k lines and exchange offers to defend footfall.
- Customers are likely to keep trading down in carat and weight rather than leaving the category, while gold stays high.
The counter-case
The case against this reading — not reported by the source.
The 25% revenue growth is mostly a gold-price story, not proof of a consumer trade-down trend. When gold costs far more than a year earlier, revenue can rise sharply even if volumes are flat or falling. The headline links the 25% to the 18k and lower-carat shift, but nothing in the signal establishes that link. The 'high prices' framing is also shaky. 24k gold at ₹1,49,544 per 10 g on 13 October is well below the ₹1,66,450 peak on 3 March, so prices have eased, and the trade-down evidence comes from Tanishq itself, which has an interest in presenting it as a smart adaptation. The statement that exchanges account for more than half of jewellery business may signal recycling of old gold at high prices rather than fresh demand, which would make the growth less durable. A shift to lightweight, lower-carat and 18k pieces could also shrink average ticket sizes, and the revived natural diamond demand is described only qualitatively, with no figures. Finally, the 25% is a Titan-level number, while the trend claims concern Tanishq jewellery only.
The source
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