Despite elevated gold prices during the quarter, consumer appetite for jewellery remained resilient, underlining the sector’s strength and long-term growth potential.
Strong Growth Across Leading Jewelry Brands
The December quarter (Q3 FY26) saw double-digit revenue growth across major listed jewellery companies, supported by steady footfall, higher studded jewelry sales and aggressive store expansion strategies.
Company | YoY Revenue Growth | Store Expansion in Q3 | Brand/Store Breakdown | Key Drivers |
 | 41% | 47 new stores | Tanishq: 10 | Festive demand, gold exchange offers |
 | 51% | 4 new showrooms (196 total) | - | Targeted festive campaigns, diamond demand |
 | 42% | 36 new showrooms | India: 21 | Broad demand, digital & global expansion |
What Drove Jewellery Demand in Q3
1. Festive & Wedding Seasons Boost Sales
Jewellery purchases remained strong during Dhanteras, Diwali and wedding festivities, underscoring the cultural importance of ornaments in India.
2. Premium & Design-led Pieces in Demand
Sales of studded jewellery and designs with higher aesthetic value outpaced plain gold segments, highlighting shifting preferences among buyers.
3. Retail and Digital Reach Expanded
All three players strengthened their physical footprint while also tapping digital channels, providing customers with more access points and options.
What It Means for the Gems & Jewellery Ecosystem
For jewellers, designers, retailers and trade professionals, these trends highlight important shifts:
A growing preference for studied and design-forward jewellery, leading to emphasis on creative and market-aligned design skills.
The strategic role of store footprints and brand presence in attracting repeat buyers.
The rising intersection of traditional craftsmanship with organised retail strategy.
By observing how industry leaders adapt to consumer behaviour and pricing pressures, professionals can better anticipate demand and tailor their products accordingly.
