Exchange programmes, lighter designs help Indian jewellers offset gold price surge, J.P. Morgan says

Senco Gold

18/02/2026 08:07

** J.P. Morgan says India's jewellery retailers are seeing resilient demand despite sharply higher gold prices, supported by strong wedding‑season buying and a shift toward lighter designs

** Major chains including Titan Company Ltd TITN.NS, Kalyan Jewellers KALN.NS and Senco Gold SENC.NS reported healthy sales through December and January, despite strong rise in prices - J.P. Morgan

** Retailers have leaned on exchange schemes and gold‑savings programmes to sustain momentum, it added

** Store expansion and rising adoption of organised jewellery formats are expected to further support sector growth, the brokerage says

** J.P. Morgan expects demand to remain firm in the near term, helped by a busy wedding calendar, but noted that ongoing price volatility could continue to weigh on discretionary purchases

** Spot gold prices XAU= have eased about 12% since scaling all-time high of 5,594.89 per ounce on Jan. 29

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))