Gold retailers navigate a tough first quarter on duty hikes, <i>adhik maas</i>

Indian gold jewellery retailers faced a tough April-June quarter as the government raised effective import duty on gold and silver to 15% from 6% on 13 May and the inauspicious adhik maas period (17 May to 15 June) dampened wedding demand. Titan's jewellery business grew 39% year-on-year versus 46% in Q4 FY26, while Kalyan Jewellers posted 38% revenue growth against 66% in Q4 FY26, with same-store sales growth dropping to 28% from 47%. Crisil Ratings expects retail gold jewellery volumes to decline 13-15% in FY27, and margin pressure is anticipated from higher discounting and promotional expenses around gold exchange programmes.