Kalyan Jewellers' share price has extended its rally for the second straight session, touching an intraday high of ₹487 apiece on the NSE. This rise comes amid soaring gold prices, with the stock logging a 63% increase from its 52-week low of ₹399.40.
Jewellery Stocks Under Pressure
Jewellery stocks have been under pressure due to a decline in demand after a continuous rally in gold prices. Gold prices have risen by over 70% in 2025, resulting in a corresponding increase in jewellery prices and putting pressure on demand.
Expectations for Kalyan Jewellers
Experts expect Kalyan Jewellers' share price to rise to up to ₹530 apiece and advise investors to hold the stock, maintaining a stop loss at ₹470 per share. Avinash Gorakshkar, a SEBI-registered fundamental equity analyst, attributes the pressure on jewellery stocks to skyrocketing gold and silver prices, which have resulted in a rise in raw material costs and jewellery prices, ultimately affecting demand.
Technical Analysis
Sumeet Bagadia, Executive Director at Choice Broking, expects a sharp rise in Kalyan Jewellers' share price, citing a strong base at ₹470 and a hurdle at ₹510. Breaking above this resistance on a closing basis, the stock may soon touch the ₹530 apex levels in the near term.
Performance of Jewellery Stocks
Out of the 10 jewellery majors, only two stocks — Titan Company and Thangamayil Jewellery — have delivered positive returns for their shareholders in 2025. Other stocks, such as PC Jeweller, Senco Gold, and Kalyan Jewellers, have plunged 44%, 43.5%, and 35%, respectively.
- PC Jeweller: -44%
- Senco Gold: -43.5%
- Kalyan Jewellers: -35%
- Sky Gold & Diamonds: -38%
- PN Gadgil: -15%
- Bluestone Jewellery: -1%
- Motisons Jewellers: -45%
Gold and Silver Price Rally
Gold and silver prices have hit new lifetime highs, with gold reaching ₹1,35,614 per 10 gm and silver reaching ₹2,13,844 per kg. This rally is primarily driven by increased speculation about the US Fed rate cuts and robust spot demand.
Remember, this is a perspective, not a prediction. Do your own research before making any investment decisions.