For the first time in a decade, excluding the Covid-affected FY21, India’s two largest jewellery chains, Tata-owned Tanishq and Reliance Retail, reported declines in consumer deposits for deferred gold jewellery purchase schemes during the last financial year. With gold prices continuing their steady climb, industry executives warn the pressure on sales volumes will intensify. Titan’s deposits through Tanishq dropped 19% to ₹3,458 crore in FY25, while Reliance Retail, which runs Reliance Jewels, saw a 5% decline to ₹333 crore.
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