Kalyan Jewellers, the Kerala-based jewellery retailer, posted an impressive 37% year-on-year revenue growth for the second quarter of FY25, buoyed by strong demand for gold across key markets. This follows competitor Titan’s 25% growth in domestic operations for the same period, highlighting a resurgence in the jewellery sector after a softer performance in the June quarter.

In its recent business update, Kalyan revealed that its India operations saw a 39% rise in revenue, with same-store sales increasing by 23% during the September quarter. The company credited this growth to the reduced customs duty on gold, which boosted footfall from late July through August, countering the traditionally slow sales period during the 14-day shradh and fluctuating gold prices.

Kalyan’s West Asian operations contributed 13% to its overall revenue in Q2, while its digital-first platform, Candere, recorded a 30% revenue increase compared to the previous year. Expanding its retail footprint, Kalyan opened 12 new Candere showrooms during the quarter, and the company also launched 15 Franchisee-Owned-Company-Operated (FOCO) showrooms across India, with more expected in the coming months.

Looking ahead, Kalyan has ambitious expansion plans for FY25, aiming to open over 130 showrooms globally. This includes 25 new Kalyan showrooms and 18 Candere outlets in India, along with its first-ever US showroom, set to launch by Diwali. The company ended the September quarter with 303 stores across its Kalyan and Candere formats, following the addition of 26 new locations.