Jewellery stocks in India rally up to 42% in April amid rising gold prices

Jewellery stocks are thriving amid soaring gold prices, with Senco Gold and Kalyan Jewellers posting impressive returns this April. Demand remains strong, with companies forecasting continued growth driven by upcoming festivals and wedding seasons, despite concerns over gold price fluctuations.

As gold continues to break records this month, domestic jewellery stocks like Kalyan Jewellers, Titan, Senco Gold, and PC Jeweller have mirrored the yellow metal’s shine, with all these stocks gaining up to 42% in April so far, brightening investor portfolios. Senco Gold’s share price has zoomed from ₹270 apiece to ₹382 in April so far, delivering a stellar 41.6% return. Tribhovandas Bhimji Zaveri (TBZ) has gained 18%, while shares of Kalyan Jewellers and Motisons Jewellers have rallied up to 12% during the same period. Other jewellery stocks, such as Titan and PC Jeweller, have surged by 9% and 4%, respectively, in April so

The sharp demand for jewellery stocks on Dalal Street suggests investors remain unconcerned about a potential dip in domestic jewellery sales despite soaring gold prices—which have rallied nearly 33% (spot) so far this year, outperforming all other asset classes amid continued global trade tensions.

Based on the company’s March quarter business update, demand for jewellery remained buoyant. For instance, Senco Gold reported total revenue growth of 19.1% and retail revenue growth of 23% in Q4FY25. The company noted that despite firm gold prices in Q4, consumer sentiment towards gold as a store of value remained strong.

Looking ahead, Senco is confident of a strong start to FY26, driven by robust demand during Poila Baisakh, Akshaya Tritiya, and continued momentum in the wedding season—all expected to significantly boost Q1 FY26 sales. Similarly, Kalyan Jewellers recorded a consolidated revenue growth of approximately 37% compared to the same period last year, despite extreme gold price volatility.