Jewellery stocks experienced exceptional gains on Friday, with PC Jeweller leading the rally at 17% to hit a new 52-week high of ₹16.89, backed by over two-fold jump in average trading volume. According to Business Standard, Senco Gold, Sky Gold and Diamonds, Shanti Gold International and Thangamayil Jewellery also rallied up to 17% on the BSE amid heavy volume trading. Tribhovandas Bhimji Zaveri gained 5% to ₹760.75, hitting a fresh 52-week high. The rally was triggered by temporary curbs on fresh subscriptions to gold ETF Fund of Funds (FoFs) by around 17 mutual fund houses. As per Business Standard, till 11:36 AM, a combined 1,090 million shares representing 11% of the company's total equity changed hands on the NSE and BSE for PC Jeweller alone. Sky Gold also hit a new 52-week high of ₹1,073.85, surging 7% on the BSE in intraday deals, with the stock price of Sky Gold and PC Jeweller zooming by 33% and 25% respectively in October so far.
The latest surge is supported by robust Q2FY27 performance across the sector. According to Business Standard, PC Jeweller reported strong Q2FY27 performance with consolidated revenue growth of approximately 28% year-on-year, reflecting strong business momentum. The company achieved Debt Free status after successfully repaying outstanding debt to all banks, with all repayments completed ahead of scheduled due dates. PNGS Reva Diamond Jewellery rallied 10%, while Sky Gold and PC Jeweller zoomed by 33% and 25% respectively in October so far. Meanwhile, Sky Gold has zoomed 273% from its 52-week low of ₹288 touched on February 1, 2026, as reported by Business Standard.
The festive season continues to drive market share gains among organized players despite elevated gold prices. As reported by Business Standard, Titan reported 21% YoY jewellery growth, with studded jewellery growing in the early thirties and plain gold jewellery growing 20% YoY, while Kalyan delivered 27% YoY growth in India, supported by 20% same-store sales growth. According to Choice Institutional Equities, demand remained healthy in Q2FY27 despite the elevated gold price (up 28% YoY) supported by festive demand, premiumisation and continued market share gains by organised players. Consumers are adapting to higher gold prices through lightweight jewellery, lower ticket purchases and old gold exchanges, as reported by analysts. However, towards the end of the quarter, demand witnessed some softening due to the shift in the festive calendar to Q3FY27, though management commentary remains positive on near-term demand momentum.
International expansion remains a key growth driver for several jewellery companies. According to Equirus Securities analysis reported by Business Standard, Sky Gold's export business has grown from 3% of revenue contribution in FY23 to 12% currently, with management guiding for exports to rise to around 20% of total sales by FY29-30. The company has established presence in Dubai targeting the substantial GCC gold jewellery market, with the Dubai office serving as base for Middle Eastern business development. B2B jewellers are expected to continue delivering strong growth, broadly in line with healthy B2C jewellery demand, driven by ongoing capacity expansion and market expansion through new customer additions. Growth is likely to be driven by ongoing capacity expansion, expansion of the product portfolio beyond core categories (including bridal and studded jewellery), and market expansion through new customer additions and deeper penetration across organised jewellery retailers. The benefit of low-cost gold inventory is largely over, and B2B jewellers are likely to report normalised margins going forward, analysts at Choice Institutional Equities noted.
