The gold jewellery industry entered FY27 facing a two-pronged challenge. Soaring oil prices, rising inflation concerns and renewed bets on higher interest rates amid the West Asia crisis coincided with the once-in-three-years Adhik Maas period, which typically weighs on wedding-related jewellery demand.
Despite these headwinds, India's two largest listed jewellery retailers, Titan and Kalyan Jewellers, delivered robust first-quarter business updates, easing concerns over what many had expected to be a weak quarter.
