Kalyan Jewellers has witnessed an estimated 17% increase in the last quarter of 2021, a company release said, with India revenue jumping 15% compared to the year-ago quarter.

The final three months of 2020 had also seen strong growth due to the easing of lock-down restrictions following nearly eight months of curbs related to COVID-19.

The revenue growth is partly because of the addition of five new showrooms in India during the period, including four outside the core market of South India. Moreover, gold prices have increased slightly this year.

As of December 31, 2021, the company’s total number of showrooms was 151.

“We have witnessed strong momentum in footfalls and revenue over the past four quarters commencing from the same period in the last financial year (Q3 FY 2021),” the company said in a statement.

It attributed the strong demand to greater consumer confidence owing to declining COVID cases.

“The positive traction continued during this festive season on the back of further easing of COVID-related restrictions across all our markets in India and the Middle East, further supported by increased levels of vaccination and continued buoyancy in consumer sentiments,” the company said.

Kalyan Jewellers said its gross margin improved during the quarter when compared with the preceding three months of July-September.

It attributed the better margins to improvements in both studded jewellery share in overall sales and an increased share of revenue from non-south markets.

“Our studded share saw meaningful growth sequentially as well as when compared to the same period in the previous year, driven by the introduction of refreshed updates to our existing studded collections, launch of a new sub brand within the category and a higher share of revenue from the non-south markets.

“We also witnessed improvement in the Gold Savings Scheme (GSS) enrolments sequentially, as well as when compared to the same period in the previous year,” it pointed out, adding that margins are nearing pre-COVID levels.

Middle East, meanwhile, performed better than India, with revenue growing 22%, and accounting for 15% of the company’s overall top line.

“This growth was entirely same-store-sales driven since we did not add any showrooms in the region during the last 12 months. For the first time post the onset of COVID, majority of our showrooms in the region have recorded revenue higher than pre-COVID levels.”

Kalyan Jewellers’s online jewellery platform, Candere, saw revenue grow 35%.