News Agencies
New Delhi: Jewellery stocks witnessed sharp selling pressure on Monday aftee Prime Minister Narendra Modi urged citizens to postpone non essential gold purchases as part of measures aimed at conserving foreign exchange amid the ongoing crisis, triggering concerns over near-term demand for the sector.
According to market experts, India is among the world’s largest gold importers, and during periods of elevated crude oil prices and global uncertainty, rising gold imports add pressure on the country’s trade deficit and the rupee.
Titan Company shares closed 6.73 per cent lower at ₹4,205.60 after tumbling as much as 8 per cent to ₹4,150.10 . The stock came under pressure despite the company reporting strong Q4 earnings last week.
Kalyan Jewellers India shares tanked over 9 per cent to end at ₹385.20, hitting a low of ₹382.10 from the previous close of ₹424.55. The company had also announced its March quarter results last week.
Senco Gold shares slumped 8.5 per cent to ₹334.25, hitting a low of ₹325.05 on the NSE from the previous close of ₹365.40. Thangamayil Jewellery fell nearly 6 per cent to close at ₹4,007.10.
Sky Gold and Diamonds shares tumbled more than 12 per cent to ₹475 during the session. Shares of P N Gadgil Jewellers and Bluestone Jewellery also declined up to 9 per cent amid broad-based weakness across the jewellery segment.
The sharp correction in jewellery stocks reflects investor concerns that any prolonged slowdown in discretionary gold purchases could impact demand momentum, particularly at a time when gold prices remain elevated and consumer buying patterns are already showing signs of moderation.
India’s gold import bill surged to a record $72 billion in FY26 from $58 billion in FY25 despite lower import volumes, as global gold prices rose sharply. He noted that India is spending significantly more dollars on gold imports even while importing less by quantity, thereby increasing pressure on forex reserves.
