After a four-month lull, green shoots of gold and gold jewellery demand are visible in the last two weeks as consumers have realised the high prices are not going to cool off anytime soon, said Ajoy Chawla, chief executive officer of Tata-owned Tanishq, the country's largest jewellery chain.
Chawla said consumers have started purchasing the yellow metal as there are no expectations of prices coming down. "In the last two weeks, we have seen good footfalls after almost a gap of four months,” he said. Chawla will take over as the managing director of Tanishq's holding company, Titan Company, from January 2026.
According to the India Bullion & Jewellers Association (IBJA), gold demand had fallen by 25% to 18 tonnes this Dussehra compared to last year due to the continuous rally in gold prices. There was, however, a value growth due to price increase.
In the last one month, gold prices appreciated 13.44%. On Tuesday, it was selling at Rs 1,19,967 per 10 gm, as per IBJA. With a 3% goods and services tax, consumers will have to shell out Rs 1,23,567 for 10 gm of gold.
Chawla said Tanishq is also witnessing a good traction of 18 karat jewellery among the customers with North India leading the trend followed by East and West. However, in the South consumers still prefer 22 karat jewellery. “We are expecting Q3 (October-December) to be good. We cannot put any numbers right now. We always target more,” Chawla said.
Tanishq is also betting on old gold exchange programme. “Indian households have nearly 25,000 tonnes of gold lying idle in their lockers. We are trying to unlock some portion of it so that dependence on imports comes down and the trade deficit gap narrows at a time when high US tariffs are creating problems,” Chawla said.
Over the years, more than 30 lakh Indians have participated in Tanishq’s gold exchange programme, recycling nearly 1.7 lakh kilos of gold, with 40% of the company’s business now driven by the exchange programme.
Chawla said that rising gold prices have also fuelled the investment demand for the precious metal. “Gold prices have appreciated by 50% in the last one year and therefore people now understand that it is an important asset class. It works as a hedge during uncertain times and therefore people are investing in gold coins,” he said.
Chawla said consumers have started purchasing the yellow metal as there are no expectations of prices coming down. "In the last two weeks, we have seen good footfalls after almost a gap of four months,” he said. Chawla will take over as the managing director of Tanishq's holding company, Titan Company, from January 2026.
According to the India Bullion & Jewellers Association (IBJA), gold demand had fallen by 25% to 18 tonnes this Dussehra compared to last year due to the continuous rally in gold prices. There was, however, a value growth due to price increase.
In the last one month, gold prices appreciated 13.44%. On Tuesday, it was selling at Rs 1,19,967 per 10 gm, as per IBJA. With a 3% goods and services tax, consumers will have to shell out Rs 1,23,567 for 10 gm of gold.
Chawla said Tanishq is also witnessing a good traction of 18 karat jewellery among the customers with North India leading the trend followed by East and West. However, in the South consumers still prefer 22 karat jewellery. “We are expecting Q3 (October-December) to be good. We cannot put any numbers right now. We always target more,” Chawla said.
Tanishq is also betting on old gold exchange programme. “Indian households have nearly 25,000 tonnes of gold lying idle in their lockers. We are trying to unlock some portion of it so that dependence on imports comes down and the trade deficit gap narrows at a time when high US tariffs are creating problems,” Chawla said.
Over the years, more than 30 lakh Indians have participated in Tanishq’s gold exchange programme, recycling nearly 1.7 lakh kilos of gold, with 40% of the company’s business now driven by the exchange programme.
Chawla said that rising gold prices have also fuelled the investment demand for the precious metal. “Gold prices have appreciated by 50% in the last one year and therefore people now understand that it is an important asset class. It works as a hedge during uncertain times and therefore people are investing in gold coins,” he said.
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