Jewellery stocks glitter

Shares of leading jewellery companies were among the few bright spots in an otherwise weak market today morning, with Titan Company and Thangamayil Jewellery leading gains. PC Jeweller, Kalyan Jewellers India, and Senco Gold rose between 2% and 3%, even as the BSE Sensex slipped. The upmove follows stronger-than-expected festive demand trends reported in the September quarter and steady buying momentum during the Navratri period.

In its Q2FY26 performance update, Titan reported healthy growth in its domestic jewellery division despite elevated gold prices. The company cited a strong recovery in footfalls and ticket sizes during the festive window, aided by Tanishq’s gold exchange offer, which supported volume growth and helped offset the price-related impact on affordability. Growth was largely driven by higher-value purchases, with only a marginal decline in overall buyers compared to Q2FY25 — signalling continued premiumisation within the portfolio.

Analysts noted that organised jewellers continue to benefit from brand-driven consumer confidence, transparent pricing, and an expanding retail network. Thangamayil Jewellery and Senco Gold gained on expectations of sustained wedding-season demand from tier-2 and tier-3 cities, while Kalyan Jewellers and PC Jeweller moved higher on momentum-led buying ahead of the Diwali period. The rally stands out amid broader market softness, with the Nifty Consumer Durables index outperforming headline benchmarks.

Brokerages expect jewellery industry margins to improve in Q3FY26, aided by the correction in gold prices, festive-season momentum, and the peak marriage season, which together are likely to lift retail volumes. With bullion prices easing, jewellers are better placed to sustain sales without deep discounting, while the sector enters a sweet spot of stable input costs and wedding-led demand. Analysts said management commentary on festive and marriage-season sales trends will be key to assessing the sector’s growth visibility into FY26.