Golden Surge: Jewellery Retail Sector Eyes 18% Growth by 2026-27

The domestic jewellery retail sector has an encouraging forecast for 2026-27, with anticipated revenue growth of approximately 18%. Rising bullion prices are the key drivers pushing this growth, according to a report released on Tuesday. Ind-Ra has revised its 2026 revenue growth targets up by 600 basis points to 23% Y-o-Y, driven predominantly by pricing effects.

Despite high gold prices likely causing a sharp drop in jewellery volumes by FY26 – the steepest post-pandemic decline – festive and wedding-season purchases have bolstered market sentiment. These factors necessitated an upward revision in revenue growth projections, according to Preeti Kumaran, Senior Analyst at India Ratings & Research.

Organised jewellers are set to see a substantial 23% revenue increase during FY26, a boost from the prior forecast, mainly due to escalating gold prices, mentioned Adarsh Gutha, Associate Director, Corporate Ratings at Ind-Ra. Meanwhile, unorganised jewellers might face liquidity challenges in a volatile gold price environment. Trust and transparency remain crucial for continued sector growth.