Titan reported strong jewellery growth despite elevated gold prices. How much of the growth was driven by actual buyer growth versus price-led ticket-size inflation?

Q4 stood out after several muted quarters, with clear buyer growth. We broadly treat buyer growth as volume growth. About 8 per cent was buyer growth, while nearly 40 per cent was ticket-size growth driven by higher gold prices. Jewellery growth was around 46 per cent domestically and nearly 50 per cent on a consolidated basis.

Are consumers now visibly downtrading because of high gold prices?

India has traditionally been a predominantly 22-carat jewellery market. Now we are seeing growing acceptance of 18-carat jewellery across many markets. That is one form of downtrading because it makes jewellery more affordable. It allows us to maintain accessible price points despite elevated gold prices.

If gold prices remain elevated over the next year, what does the outlook look like?

Gold has increasingly become an investment asset in addition to being an adornment category. Interest in gold from an investment perspective has gone up multi-fold. Indians still prefer investing in jewellery and coins rather than only through ETFs or financial instruments because jewellery also carries emotional and experiential value. Weddings continue to remain a very strong demand driver. That said, our preference would be for gold prices to stabilise and return to their historical trajectory of gradual appreciation. Sudden spikes are not good for anyone. Elevated gold prices adversely affect product mix and put some pressure on margins as well.

What trends are you seeing between metros and smaller cities?

Earlier, the top metros used to contribute nearly 60 per cent of Tanishq’s business. That number has gradually come down to around 55 per cent now. This reflects the broader formalisation trend and increasing contribution from tier-2 and tier-3 markets. The shift is gradual, but it is happening steadily as brands become more accessible through retail expansion, internet penetration and digital commerce.

How has the Damas integration progressed so far?

Damas integration process has started well across supply chain and retail operations. Some slowdown has happened in the GCC region because of geopolitical issues, but we remain very positive about the medium- to long-term opportunity. This year is largely a restructuring year for Damas. We are converting stores and closing some unprofitable outlets. We expect the business trajectory to improve meaningfully from the second half of FY27 onwards.

The smartwatch category continues to slow while analogue watches are growing strongly. How do you see this market evolving?

Analogue watches are increasingly becoming a premiumisation and fashion-expression category, and that segment is doing very well for us. In smartwatches, we took a strategic pause because the market became overcrowded, especially at the lower end where differentiation was very limited and profitability came under pressure. Instead of chasing volumes, we are focusing on building differentiated products with better design, stronger technology and more reliable health parameters tailored for Indian consumers. We are also gradually moving away from the low-end wearable segment because the differentiation there has become extremely limited.