Jewellery Stocks Mixed In Trade: Jewellery stocks were in focus on Thursday, with the sector witnessing mixed trading as Kalyan Jewellers gained, while PC Jeweller, Sky Gold and Senco Gold traded in the red.
Kalyan Jewellers shares rose as much as 2.01% to hit an intraday high of Rs 622.60 per share. In contrast, PC Jeweller shares declined up to 1.42% to an intraday low of Rs 11.08.
Senco Gold shares fell as much as 1.30% to Rs 363.10 per share, while Sky Gold declined 1.62% to hit an intraday low of Rs 833.80.
At 10:43 am, Sky Gold shares were trading 1.25% lower at Rs 837, while Senco Gold was down 1.32% at Rs 363.05. PC Jeweller was trading 0.80% lower at Rs 11.15 per share, whereas Kalyan Jewellers was up 0.97% at Rs 616.20 per share.
In comparison, the BSE Sensex was trading 0.18% lower at 77,324.
Gold Prices In Focus
The movement in jewellery stocks comes amid a sharp rise in gold prices. In India, 24K gold prices were up Rs 600, or 0.38%, at Rs 1,60,000 per 10 grams. Meanwhile, 22K gold was priced at Rs 1,46,667 per 10 grams.
Gold prices have posted strong gains, with 24K gold prices in India rising 12.5% over the past month and 57.5% over the past year.
Globally, gold prices moved higher on Thursday as concerns around currency debasement continued to support demand for the precious metal. Investors were also awaiting remarks from US Federal Reserve Chair Kevin Warsh later this week.
Spot gold was up 0.8% at $4,630.09 per ounce by 0232 GMT, while US gold futures gained 0.7% to $4,685.50.
Nuvama On Jewellery Sector
In a note dated August 25, Nuvama Institutional Equities analysts said the jewellery sector has sustained robust growth momentum, primarily supported by a nearly 60% year-on-year surge in average gold prices despite seasonal and macroeconomic headwinds.
The brokerage highlighted factors including fewer wedding dates, the Adhik Maas period and a customs duty hike to 15% in May 2026 as key challenges for the sector.
However, a sharp increase in consumer gold recycling helped support overall retail sales volumes, Nuvama said.
At the same time, the rising contribution of lower-margin old gold weighed on overall operating profitability. Higher import duties also muted investor demand for physical gold bars and coins, according to the brokerage.
What Are Analysts Saying?
The jewellery sector has continued to outperform the broader retail segment, supported by resilient demand and market-share gains by organised players, particularly through rapid expansion in Tier 2 and Tier 3 cities, according to Preeyam Tolia, Research Analyst, Choice Institutional Equities.
Despite elevated gold prices, Tolia expects demand momentum to remain healthy, particularly in H2FY27, supported by the festive and wedding season. She also sees B2B jewellery manufacturers as better positioned over the next 12–18 months, as large retailers increasingly outsource manufacturing and expand their product portfolios.
“Unlike retailers, B2B players can scale without significant investments in store expansion, branding or customer acquisition,” Tolia said, adding that capacity expansion and stronger relationships with organised jewellers could support better earnings growth. Within the segment, she prefers Shanti Gold and Shringar House of Mangalsutra.
Meanwhile, Saurabh Jain, Head of Fundamental Research, SMC Global Securities, said the Indian gems and jewellery industry is undergoing a structural shift towards organised retail, supported by consumer trust, hallmarking and resilient wedding and festive demand despite volatile gold prices and elevated import duties.
Jain pointed to the strong operational performance of Titan and Kalyan Jewellers in Q1 FY27, with Titan benefiting from premiumisation and operating efficiency, while Kalyan has been supported by its capital-light FOCO expansion model, same-store sales growth and gold recycling initiatives.
“The Indian gems and jewellery sector continues its strong structural transition toward organized retail,” Jain said, adding that expanding regional and international footprints and the shift away from unorganised jewellers remain key structural drivers.
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