Mumbai, Nov. 13 -- Organised jewellery retailers reported strong revenue growth in the September quarter (Q2FY27), but higher gold prices continued to mask weakness in the volume of gold consumers are buying.

India's gold jewellery demand by volume fell 20% year-on-year in the quarter, even as the value of jewellery demand increased 16%, according to the World Gold Council. Consumers are spending more on jewellery but buying less gold by weight.

The trend is expected to continue through the current fiscal year. Crisil Ratings expects revenue of organised jewellery retailers to grow 21-23% in FY27, even as sales volumes decline 4-6%. Gold prices are expected to average 25-27% higher than the previous fiscal year, supporting revenue growt...