Titan bets on wedding boom to sustain festive sparkle as gold prices cool

Gold prices scaled record highs this year amid global economic uncertainty, and geopolitical tensions, fuelling demand for safe-haven assets. In India, 24-carat gold (the purest form of gold) prices have risen about 25% this year, peaking at nearly ₹1.33 lakh per 10 grams in mid-October. However, rates have since cooled by around 6%, bolstering expectations for strong jewellery sales in the wedding season.

“Jewellery demand has remained resilient despite the sharp rise in gold prices," Arun Narayan, who takes over as chief executive of Titan’s jewellery division on 1 January 2026, told Mint in an interview. “With prices softening slightly in recent weeks, we are seeing healthy momentum in consumer buying as the wedding season begins."

Shares of Titan ended 2.3% higher at ₹3,812.85 apiece on the BSE on Tuesday. Markets are shut on Wednesday for a public holiday.

Narayan succeeds Ajoy Chawla, who led Titan’s jewellery division for six years. Chawla will take over as managing director of Titan Company Ltd early next year, succeeding C.K. Venkataraman, who is set to retire.

Weddings drive jewellery demand

Narayan said that the wedding season is “a defining period for the jewellery industry." “It is typically a strong buying period, and we are already seeing that play out on the ground."

Experts echoed this sentiment.

“Weddings are a crucial demand driver for jewellers," said Pratik Prajapati, equity research analyst at Ambit Capital. “It’s the second-biggest buying period after the festive season, and the ticket sizes tend to be much higher. Gold is purchased not just for the bride, but also by family members and relatives, making it a multi-layered buying occasion."

Wedding jewellery typically contributes 40-45% of annual sales during this period, Prajapati said. “Consumers don’t focus much on caratage—when prices rise, they simply shift to lower-carat jewellery that delivers the same level of satisfaction."

Narayan noted that the company continues to see a “dichotomy" among jewellery buyers—some driven by design and aspiration, and others by value and accessibility. “There are consumers who are very aspirational, buying at higher price points, and others are looking for accessibility and value," he said. “Our focus will remain on serving both ends of that spectrum."

Titan bets on dual strategy, new offerings

Narayan said that Titan will continue to build on the strategy laid out by the outgoing jewellery vertical head Ajoy Chawla, balancing premiumisation with affordability. “We are staying true to the course—continuing to invest in design-forward collections and wedding jewellery at one end, and lightweight, lower-carat offerings at the other," Narayan said. “The category remains resilient, and we are confident this dual strategy will keep it that way."

The company’s jewellery division, which contributes over 85% of Titan’s total revenue, remained the key growth driver during the September quarter. Revenue from the segment rose 21% year-on-year to ₹14,092 crore, while profit surged 55% to ₹1,506 crore. Sales from its flagship brands—Tanishq, Mia, and Zoya—grew 18% to ₹12,460 crore, and CaratLane posted a robust 32% rise to ₹1,072 crore. Titan also continued to expand its retail footprint, adding 34 new jewellery stores during the period, including one Tanishq outlet in the US.

Titan has also sharpened its focus on regional and community-specific designs to deepen its presence in the bridal segment. The launch of its first dedicated Rivah Wedding Lounge in Delhi marks a step in that direction, offering curated experiences for brides and their families.

Narayan highlighted the company’s gold exchange programme as a key lever for growth. “Exchange is something that will remain a cornerstone of our game plan—it is in national, consumer, and even planetary interest that we recycle what we already have," he said. “A lot of gold in India is sitting idle in lockers, and encouraging people to put it to use benefits everyone."

To make jewellery more accessible, Titan is expanding its portfolio of 18-carat and lightweight designs for its wedding jewellery collection. “We piloted a complete wedding line earlier this year, and are now widening the 18-carat catalogue," Narayan said. “We’ve seen faster adoption in the north and east, but we’re confident it’s a journey whose time has come."