• Q2 growth: Consumer businesses grew 25% and jewellery grew 22%. Jewellery buyer growth was in the mid single digits, partly because coin demand declined for the first time in many quarters as investment buyers waited to see where gold prices would settle, and partly because the festive calendar shifted from September–October to October–November.
• Jewellery mix: Studded jewellery has delivered higher buyer and value growth over the last 3, 4 quarters. Chawla said this reflects continued studded growth alongside moderation in lower-denomination gold jewellery and coins, rather than customers necessarily switching from plain gold to studded.
• Diamonds and beYon: Natural diamonds have been growing at healthy double digits, while natural and lab-grown diamond jewellery together have less than 15% penetration in India. beYon had 7 stores, with another 4 or 5 expected in the next 1 month; the first 2 stores were encouraging, while Chawla said lab-grown’s initial hype had moderated and some consolidation may follow as unit economics prove difficult.
• Growth outlook: First-half growth was somewhere closer to 30, 31%, with same-store growth certainly 20% plus. Chawla said the company was on track, if not ahead, of its Investor Day commitments, including 20% CAGR growth through FY30; he expects the second half to be good, with buyer growth likely to rise more than ticket size, and said early festive signs were encouraging.
• Other businesses and margins: Watches performed exceptionally well and EyeCare delivered 25% plus, 28% plus growth; Chawla said the other businesses’ higher profitability supports healthy margins and that the company remains on course for its commitments. He also said competitive intensity was high, with gold-price arbitrage contributing to pressure in Q2 that had begun to moderate in October.