Titan Co., India’s top jewelry maker, sees shoppers turning cautious as record-high gold prices weighed on demand in the world’s second-largest bullion market.
Sales growth is being driven more by price increases than by volume, with customer growth remaining “muted,” Chief Financial Officer Ashok Kumar Sonthalia told Bloomberg TV on Wednesday.
“We would like for it to be balanced,” where we get buyer growth as well as growth in ticket prices, he said.
Gold jewelry demand in India has slumped, with volumes dropping 24 per cent to 430.5 tons in 2025, according to the World Gold Council. Rising prices have constrained buyers with fixed budgets, reducing the quantity of gold they can purchase. India’s gold imports are expected to decline this year.
Titan is promoting gold exchange programs and has seen a shift in preference toward lower-carat jewelry, Sonthalia said.
Despite softer volumes, the firm reported one of its strongest quarterly performances outside the pandemic period, it said Tuesday, and reported 209.3 billion rupees of jewelry sales, up 42 per cent from a year ago and beating analysts estimate amid the key wedding and festival season.
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Published on February 11, 2026
