Editor’s Note
Jewellery stocks shone on Thursday, bucking broader market weakness as companies reported strong business updates for the April-June quarter. Senco Gold and Kalyan Jewellers posted robust revenue and same-store sales growth, while Kotak Securities highlighted Sky Gold and BlueStone for their strong growth visibility.
Jewellery companies put shine on D-St with strong business updates
Reuters
Kotak Securities is constructive on Sky Gold and BlueStone, citing their strong growth visibility.
Jewellery stocks surged significantly on Thursday, defying broader market weakness. Companies reported robust business updates for the April-June quarter, showcasing resilience. Senco Gold and Kalyan Jewellers posted strong revenue and same-store sales growth. Despite macroeconomic challenges, demand for organised players remained healthy. Investors are advised to focus on fundamentally strong, organised jewellery companies.
By Himadri Buch, ET Bureau
Last Updated: Jul 10, 2026, 10:32:00 AM IST
Mumbai:
Jewellery stocks rallied nearly 19% on Thursday, even as the broader market remained under pressure, after companies reported strong business updates for the April-June quarter despite a challenging backdrop.
Kalyan Jewellers shares extended their stellar rally on Friday, surging another 9% to take their three-day gain to 36%, following a strong Q1 business update. The stock climbed to a nearly six-month high of Rs 483.40 on the NSE.
The rally spilled over to other jewellery stocks, with Senco Gold rising 4.5% to Rs 364.40 and PC Jeweller gaining 3% to Rs 10.13 on the NSE.
The momentum follows Thursday’s sharp gains, when Kalyan Jewellers surged 18.7%, while Senco Gold and Sky Gold & Diamonds climbed 6% each. PC Jeweller added 2%, even as the benchmark Sensex and Nifty ended 0.3% higher after rising as much as 1% during the session.
Brokerages said FY27 has been challenging for the gold jewellery industry because of macroeconomic pressures and seasonal demand weakness. Soaring oil prices, rising inflation concerns, and renewed bets on higher interest rates amid the West Asia crisis coincided with the once-in-three-years ‘Adhik Maas’ period – an extra month in the Hindu calendar during which weddings and some festive celebrations are traditionally deferred in many parts of the country.
Even with this impact, jewellery firms recorded healthy same-store sales growth, showing demand resilience and a continued shift towards organised players. Analysts advised investors to remain selective and avoid momentum chasing.
Gold prices and government policy will heavily influence near-term stock price movements, analysts said. “Jewellery stocks earlier corrected following adverse government policy measures and advisory,” said Pankaj Kumar, VP-fundamental research, Kotak Securities. He also said that demand remains resilient and sees structural tailwinds intact for organised players.
Kotak Securities is constructive on Sky Gold and BlueStone, citing their strong growth visibility.