• Consumer growth: Q2 growth across consumer businesses was 25%, while jewellery grew 22% across all brands. Management linked mid-single-digit buyer growth partly to weaker gold-coin demand and the shift in festive timing.
• Gold coins: Coin sales declined for the first time in many quarters as investment-oriented customers waited to see where gold prices, customs duties and the dollar would settle. Chawla said coin sales are a low-margin offering, not the core jewellery business.
• Studded jewellery: Studded jewellery has seen higher buyer and value growth for 3–4 quarters, partly as high gold prices have muted lower-denomination gold jewellery demand. Chawla cautioned that this does not mean buyers of plain gold jewellery below ₹50,000 have suddenly shifted to studded.
• Diamonds and Beyound: Natural and lab-grown diamonds together have less than 15% penetration in India, leaving room for growth in both; Chawla called the idea that one must grow at the other’s expense a false debate. Beyound has 7 stores, with another 4 or 5 expected in the next 1 month or so; the first 2 stores were encouraging, though he said it was too early for meaningful conclusions.
• Store growth and outlook: Core jewellery same-store growth was 20% plus in H1, against 30%, 31% growth for the business overall, and management said a full year or trailing 12 months gives a better assessment. Chawla expects a good festive quarter, with buyer growth likely to rise more than ticket size; early signs were encouraging, but he declined to quantify performance during the silent period.