Titan leans on silver as gold rally prices out entry-level buyers

Bengaluru: Rising gold prices are squeezing Titan Company Ltd’s price-sensitive customers, prompting the Tata Group firm to double down on studded silver jewelery to defend growth in its sub-sector. ₹1 lakh segment.

This push is most visible on youth-focused brands CaratLane and Mia by Tanishq; As the price of gold becomes cheaper, demand also shows signs of pressure. Rather than relying solely on low carat gold or price adjustments, Titan is expanding its design-focused silver offerings to retain entry-level buyers.

This shift underscores the beginnings of a broader transformation in the Indian jewelery market: As gold prices rise, consumers, especially younger buyers, are becoming more experimental and moving towards lighter, lower-priced categories such as silver and silver-trimmed pieces.

Gold is currently trading around ₹1.5 lakh per 10 grams on MCX, up sharply from last year, while silver hovers around ₹2.35 lakh per kg, indicating a widening affordability gap between the two metals.

“We are seeing a structural shift in India’s jewelery consumption. Gold will remain important, but for many consumers, jewelery is becoming an accessory rather than a store of value,” said Arvind Singhal, chairman and MD, The Knowledge Company, a management consultancy. “This is where silver, gold-plated and semi-precious categories will continue to gain ground, especially among younger buyers.”

Titan’s jewelery division CEO Arun Narayan and managing director Ajoy Chawla, while speaking on the company’s December 26 quarter financial earnings call, acknowledged the pressure in the downstream sector. ₹1 lakh segment. “As a portfolio of brands, our game plan is to ensure that we own this customer downmarket. ₹1 lakh area,” Chawla said.

In the December quarter (Q3FY26), Titan’s Tanishq-led portfolio, which includes Mia and Zoya, reported revenue as follows: ₹19,921 crore, up nearly 40% year-on-year, although Mia’s figures were not disclosed separately. CaratLane posted the following revenue: ₹1,537 crore, up 42% from the previous year. Titan’s consolidated revenue in the 26th quarter was as follows: ₹24,501 crore, of which over 87% came from the jewelery business.