Jewellers record strong double-digit growth in Q3

Jewellers witnessed strong double-digit growth in sales in the December quarter as customers combined wedding and festive sales. Their online division saw significant growth over the year-ago quarter with digital jewellery sales picking up.

The jewellery division of Titan reported strong 37 per cent growth with a twoyear compounded annual growth rate (CAGR) of 26 per cent. The growth was driven by a 15 per cent jump in ticket size against pre-pandemic levels, higher footfalls and conversions and a 9 per cent CAGR in store count.

“Buoyancy in jewellery demand driven by festive purchases in October and November helped the division achieve significant revenue uplift for the quarter. Both walk-ins and customer conversions were significantly higher compared to last year,’ the company said.

Another major player, Kalyan Jewellers’ consolidated revenue grew 17 per cent in the December quarter and the Indian sales grew 15 per cent.

“We witnessed revenue growth of over 15 per cent for our India operations during the recently concluded quarter, as compared to the same period in the previous year despite a strong base, Q3 of the previous financial year being the first normalised quarter after the initial Covidrelated market dislocation,” the company said.

Both the companies recorded a strong growth in their gold savings scheme, indicating the confidence of customers in the metal’s price appreciation.

Online jewellery sales, which gathered momentum in 2020, further picked up pace. Titan’s Caratlane recorded a growth of 64 per cent. Kalyan’s online jewellery platform, Candere, recorded a revenue growth of over 35 per cent.

Jewellers continued to add new stores in the quarter. Titan added 14 new stores while Kalyan added 5 new showrooms in India in the quarter.