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

Gold prices have reached record highs this year amid global economic uncertainty and geopolitical tensions, boosting demand for safe-haven assets. Prices of 24 carat gold (the purest form of gold) in India have increased by nearly 25 percent this year, almost reaching their peak in 2019. ₹1.33 lakh per 10 grams in mid-October. However, rates have since fallen by around 6%, reinforcing expectations that jewelery sales will be strong during the wedding season.

“Despite the sharp rise in gold prices, jewelery demand has remained resilient,” Arun Narayan, who will take over as CEO of Titan’s jewelery division on January 1, 2026, said in an interview with Mint. “With prices softening slightly in recent weeks, we are seeing a healthy momentum in consumer purchasing as wedding season kicks off.”

Titan shares ended with a 2.3 percent increase ₹3,812.85 per capita on BSE on Tuesday. Markets are closed on Wednesday due to a public holiday.

Narayan replaces Ajoy Chawla, who led Titan’s jewelery division for six years. Chawla will take over as managing director of Titan Company Ltd early next year, replacing CK Venkataraman, who will retire.

Weddings increase demand for jewelery

Narayan said the wedding season is a “defining period for the jewelery industry”. “This is typically a period of strong buying and we are already seeing its impact on the ground.”

Experts also echoed this thought.

“Weddings are a major demand driver for jewelers,” said Pratik Prajapati, equity research analyst at Ambit Capital. “This is the biggest buying period after the festive season and 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 opportunity.”

Prajapati said wedding jewelery usually contributes 40-45% of annual sales during this period. “Consumers are not so focused on caratage; when prices rise, they turn to lower caratage jewelry that provides the same level of satisfaction.”

Narayan said the company continues to see a “duality” among jewelry buyers, some driven by design and desire, others driven by value and accessibility. “There are consumers who are more willing, buying at higher price points, while others are looking for accessibility and value,” he said. “Our focus will continue to serve both ends of this spectrum.”

Titan relies on binary strategy and new offers

Narayan said Titan will continue to build on the strategy laid out by current jewelery vertical head Ajoy Chawla, balancing premiumization with affordability. “We remain true to course by continuing to invest in design-forward collections and wedding jewelery on one side, and lightweight, lower carat offerings on the other,” Narayan said. “The category remains resilient and we are confident this dual strategy will keep it that way.”

The company’s jewelery division, which contributes more than 85% of Titan’s total revenue, remained a key driver of growth in the September quarter. Segment revenue increased by 21% year-on-year ₹14,092 crore while profit increased by 55% ₹1,506 crore. Sales of flagship brands Tanishq, Mia and Zoya increased by 18% ₹12,460 crore and CaratLane recorded a strong increase of 32% ₹1,072 crore. Titan also continued to expand its retail footprint, adding 34 new jewelery stores during this period, including a Tanishq store in the US.

Titan has also focused on regional and community-specific designs to deepen its presence in the bridal segment. The opening of the first exclusive Rivah Wedding Lounge in Delhi marks a step in this direction by offering curated experiences for brides and their families.

Narayan emphasized that the company’s gold exchange program is an important lever for growth. “Change is something that will continue to be a cornerstone of our game plan; it is in the national, consumer and even planetary interest to recycle what we already have,” he said. “A large amount of gold lies idle in cupboards in India, encouraging people to use it for the benefit of all.”

In an effort to make jewelery more accessible, Titan is expanding its portfolio of 18 carat and lightweight designs for its wedding jewelery collection. “We piloted a full wedding range earlier this year and are now expanding the 18-carat catalogue,” said Narayan. “We have seen faster adoption in the north and east, but we are confident this is a journey whose time has come.”