Gold prices have somewhat stabilised after a rollercoaster few weeks. However, what do all of the gold prices above Rs 1.6 lakh/10 gm mean for consumers, especially as the wedding season continues in India? With rates swinging sharply, many consumers may prefer to wait and watch, holding off purchases until prices cool.
But India’s biggest jewellery chains are leaving no stone unturned to keep the buying momentum on. Titan Company and Kalyan Jewellers India have seen a sharp jump in ad spends in the latest Q3 results. Though there is no explicit link, the shift in ad spend stands out.
Here’s what a quick study of the Q3 results highlights in terms of how jewellery companies are allocating resources-
Titan: Q3 marketing spend rises
Titan, India’s largest jewellery player by scale, reported a sharp jump in advertising expenses in the December quarter. On a consolidated basis, Titan spent Rs 405 crore on advertising in Q3 FY26, compared with Rs 348 crore in Q3 FY25, as per filings from BSE. For the nine months ended FY26, its consolidated advertising spend stood at Rs 1,141 crore, up from Rs 909 crore in the same period last year.
The company has also acknowledged the trade-off. Titan noted that recent earnings margins were slightly affected by “investments in marketing and campaigns to drive growth.”
Titan, on its part, has described its campaigns as part of a longer-term brand-building push. The company has said it remains committed to elevating brand equity, deepening customer engagement, and driving sustainable growth powered by innovation across businesses. Its recent campaign thrust has also been tied to new launches and brand positioning exercises, including Tanishq festive campaigns and the rollout of newer lines such as a lab-grown jewellery brand.
Kalyan: hyperlocal strategy, heavy spending
Kalyan Jewellers, which has positioned itself as a mass-to-premium national brand with deep regional execution, has also been scaling its marketing outlay. For Q3 FY26, Kalyan’s consolidated marketing and advertising spend was Rs 178.8 crore, including Rs 144.1 crore on its India standalone business and Rs 16.7 crore for the Middle East segment.
For the full year, Kalyan spent Rs 473.4 crore in FY25, up from Rs 355.3 crore in FY24. Its standalone India advertising spend increased to Rs 395.5 crore in FY25, compared with Rs 311.2 crore in FY24.
The company’s marketing playbook blends national brand ambassadors, such as Amitabh Bachchan, with regional influencers and a grassroots outreach network. Over the last four years, it has invested Rs 1,300+ crore in marketing and advertising.
Kalyan has repeatedly framed marketing as part of a broader push to use consumer data and lifecycle management. Its stated priorities include investing in CRM, marketing and analytics to better target consumers and drive sales, while also building retention through customer interaction management across the lifecycle.
Overall, with gold prices well over the Rs 1.5 lakh/10 gm levels, it is interesting to see how jewellery makers tweak their strategy to woo more buyers.