Bengaluru: Soaring gold prices are squeezing Titan Company Ltd’s price-sensitive customers, prompting the Tata Group firm to double down on studded silver jewellery to defend growth in its sub- ₹1 lakh segment.
The pressure is most visible at its youth-focused brands CaratLane and Mia by Tanishq, where demand is showing signs of strain as gold becomes less affordable. Titan is expanding design-led silver offerings to retain entry-level buyers, rather than relying only on lower-carat gold or pricing tweaks.
The shift underscores a broader pivot underway in India’s jewellery market: as gold prices climb, consumers—particularly younger buyers—are becoming more experimental, gravitating toward lighter, lower-ticket categories such as silver and silver-studded pieces.
Gold is currently trading at around ₹1.5 lakh per 10 grams on the MCX, up sharply over the past year, while silver is hovering around ₹2.35 lakh per kg, indicating a widening affordability gap between the two metals.
“We are seeing a structural shift in India’s jewellery consumption. Gold will remain important, but for many consumers, jewellery is becoming more of an accessory than a store of value,” said Arvind Singhal, chairman and MD of The Knowledge Company, a management consulting firm “That’s where silver, gold-plated and semi-precious categories will continue to gain ground, especially among younger buyers.”
Titan’s jewellery division CEO Arun Narayan and managing director Ajoy Chawla, speaking at the company’s FY26 December-quarter earnings call, acknowledged pressure in the sub- ₹1 lakh segment. “As a portfolio of brands, that’s our game plan, to ensure that we own that customer in the sub- ₹1 lakh space,” Chawla said.
In the December quarter (Q3FY26), Tanishq-led portfolio, including Mia and Zoya, reported revenue of ₹19,921 crore, up about 40% year-on-year, though Mia’s numbers are not disclosed separately. CaratLane posted revenue of ₹1,537 crore, a 42% increase over the previous year. Titan’s Q3FY26 consolidated revenue was ₹24,501 crore, of which over 87% came from the jewellery business.
CaratLane introduced studded silver jewellery under its Shaya brand in the sub- ₹10,000 bracket about five months ago, said Ajith Singh Rajapoopathy, business head of Shaya. This price band is emerging as a key entry point for first-time buyers, especially as gold moves further out of reach. Shaya has grown about 30% annually over the past two years, he said.
Beyond affordability, silver is also gaining traction as a design-led and gifting-friendly category among younger buyers.
At Mia by Tanishq, while silver remains a small part of the overall mix, the segment is expanding rapidly, prompting the brand to formalise its play. “Silver is expanding phenomenally for us, growing roughly 30–50%,” said Shyamala Ramanan, business head, Mia by Tanishq.
“We used to call it ‘sassy silver’, but we didn’t do much about it,” she said, adding that the brand is now scaling up the category with sharper merchandising and visibility.
Priced out
Rivals are seeing a similar trend. Sanjay Banka, CFO of Senco Gold and Diamonds, said consumers are recalibrating purchases. “The consumer may shift to diamonds or go for silver jewellery with stones,” he said.
“Studded silver is becoming an important growth driver for us,” said Aditya Modak, co-founder of Gargi by PNGS, which entered the segment last year with a zircon and crystal collection priced from around ₹4,000.
India accounts for roughly 25–30% of global silver demand, according to The Silver Institute. While consumption has traditionally been skewed towards bullion, coins and artefacts, the segment has been gaining traction.
Industry estimates suggest the country’s silver jewellery market could cross $3–4 billion in the next two to three years, driven by rising urban consumption and demand for everyday wear.