According to ACE Equity data reported by Business Standard, jewellery stocks have demonstrated strong year-to-date performance with Tribhovandas Bhimji Zaveri (TBZ) emerging as the top performer after a 298% rally. Sky Gold and Diamonds has also surged 193%, making it another multibagger. Other notable performers include PC Jeweller and Thangamayil Jewellery, which have risen 48% and 52% respectively. Industry leader Titan Company has gained 11%, while peer Kalyan Jewellers India is up 18%. As reported by Business Standard, barring P N Gadgil Jewellers, all jewellery stocks in the comparison have gained year-to-date.
According to data from the Association of Mutual Funds in India (AMFI) reported by Business Standard, gold ETFs have gained 7-10%, with Kotak Gold ETF and HDFC Gold ETF rising slightly more than 10% each amid persistent investor inflows. As reported by Business Standard, gold ETF inflows have totalled ₹45,923 crore so far in 2026, with net outflows recorded only in May. The precious metal remains about 20% below its January peak and is consolidating near $4,400 an ounce.
The festive season is witnessing a significant shift in consumer behaviour as soaring gold prices are prompting Indians to exchange old jewellery for new designs rather than cut back on purchases. According to The Economic Times, old-gold exchanges now account for over 50% of transactions at Tanishq, more than 55% of sales at Kalyan Jewellers and 73% at Joyalukkas in August. Tanishq's new Dhanteras collection, Adhyantara, is catering to consumers balancing high gold prices against their desire to buy jewellery, with more than 50% of Tanishq's store transactions now involving gold exchange. This trend is helping reduce dependence on fresh bullion purchases.
According to Harsh Thakkar, equity research analyst at SAMCO Securities, as reported by Business Standard, the better festive opportunity lies in organised jewellers rather than the metal itself. He noted that Q2 business updates from leading listed jewellers were strong, with revenue growth of roughly 20-30% and healthy same-store sales. Vaqarjaved Khan, senior fundamental analyst at Angel One, recommended focusing on quality franchises with visible same-store growth rather than smaller names rallying on festive headlines. For gold ETFs, analysts suggest treating gold as portfolio allocation rather than a trade, recommending a 10-15% allocation built gradually through gold ETFs or SIPs over 6-12 months.
