In Q4 FY 2022, the Indian jewellery company Titan Company announced a 23% year-over-year growth for its jewellery sector. New and repeat customers, as well as an increase in the average purchase value, were the main drivers of the growth. Strong gold exchange contributions helped high-value studded and solitaire goods and wedding sales to rebound.
However, the entry-level and lower-priced items saw normalisation in buyer growth. While January and February saw continuation of strong consumer purchase intent that was visible during the festive season, a sudden spike in gold prices however led to a relative softening of demand in March, Titan said.
The company’s flagship brand Tanishq opened a new store in Dubai and expanded its network to cover 7 stores across Dubai, Abu Dhabi, and the US. Zoya also opened a landmark store at Taj Mahal Palace, Mumbai, while Mia by Tanishq added 18 new stores in the quarter.