Shares of jewellery makers have climbed 11-23% over the past month, outperforming the 3.5% rise in the benchmark BSE Sensex. This increase is driven by strong wedding and festive demand, resilient consumer spending despite record gold prices, and sharp improvement in same-store sales growth. Domestic sales grew 32-124% year-on-year in the March quarter. The momentum is expected to continue due to strong footfalls from the ongoing wedding season and Akshaya Tritiya.
PC Jeweller’s standalone revenue grew 32% year-on-year, while Senco Gold’s rose 46%. Senco Gold’s same-store sales growth increased by 34%, driven by growth in footfall, mainly in its gifting and lightweight segments. Titan’s international business, including the Damas network, grew 156% year-on-year. Kalyan Jewellers reported 45% year-on-year international revenue growth.
Jewellery retailers continued aggressive store expansion, with Titan and Kalyan adding net 42 and 24 showrooms in India, respectively. PN Gadgil added 12 stores, of which four were franchisee-owned, while Senco added seven showrooms, two of them franchisee-led.
