Jewellery stocks glitter

Shares of jewellery retailers traded firm on Wednesday, extending recent gains after leading players reported a strong festive-season performance for the December quarter, signalling broad-based resilience in consumer demand despite sharply higher gold prices. Titan Company shares climbed up to 4.8% to a fresh record high of Rs 4,307.80 after reporting a robust 40% year-on-year growth in Q3 sales, while Kalyan Jewellers advanced 3.7% following its quarterly update. Senco Gold surged as much as 12.2%, with Thangamayil Jewellery and PC Jeweller featuring among the top gainers on the BSE.

The strong updates from Titan and Kalyan have reinforced confidence that the jewellery sector as a whole delivered a healthy December quarter, aided by festive and wedding-season demand. Market participants view Titan’s performance as a bellwether for organised jewellery retail, with its growth indicating sustained consumer spending and market share gains for formal players. Kalyan’s traction across regions and Senco’s sharp rally further underline that demand momentum was not limited to a single brand, but spread across formats and geographies.

This comes despite a sharp rise in gold prices during the quarter, with spot prices up nearly 12% in Q3 and ending calendar 2025 with the steepest annual rise since 1979, driven by geopolitical uncertainty, rate cuts and strong central bank buying. Analysts note that while higher prices had some impact on volumes, overall ticket sizes and spending remained resilient. 

Beyond Titan, several jewellery stocks saw sharp moves, reflecting improving sentiment across the sector. PC Jeweller gained about 5.2%, Thangamayil Jewellery rose 7.1%, and Tribhovandas Bhimji Zaveri rallied 10.5%.

The rally suggests investors are increasingly pricing in a strong Q3 for the sector, improved balance sheets, and a continued shift towards organised players, even as gold price volatility remains a key variable to monitor in the coming quarters.