Indian jewellery stocks led by Kalyan Jewellers, Titan Company and Senco Gold & Diamonds rose up to 5% following Budget 2026, while MCX gold futures staged an intra‑day recovery from a low of 78, 1.38 lakh per 10 grams to trade around 78, 1.49 lakh per 10 grams. The simultaneous equity gains and the yellow‑metal rebound tighten the short‑term pricing dynamic for manufacturers and retailers who price by gram or hedge through futures.

  • Equities: Kalyan Jewellers, Titan Company, Senco Gold — shares rose up to 5%
  • Commodity: MCX gold futures recovered from 78, 1.38 lakh to ~ 78, 1.49 lakh per 10 grams
  • Event: Budget 2026; market reaction observed on announcement day
  • Market region: India — listed jewellery manufacturers and retailers

Context: where this sits in 2025–26 jewellery market trends

The move is consistent with the fragile equilibrium that has characterised jewellery markets in 2025–26: equities remain sensitive to policy cues, while gold futures continue to set landed costs for manufacturers. A sharp intra‑day rebound on MCX compresses the window for favourable procurement and forces short‑term inventory revaluation. For retail assortments priced to gram or sold on fixed margins, even sub‑10% swings in the per‑10g gold rate materially alter cost of goods sold.

Design and finish choices also interact with metal cost volatility. Lighter, satin‑finished styles and pieces with open‑backed settings reduce metal weight without compromising perceived value, whereas heavyweight chains or pieces with substantial heft will carry more direct exposure to gold price moves.

Impact: what US retailers, wholesalers and investors should do

For US buyers sourcing from India or trading listed jewellery stocks, the twin signals — equity strength in domestic jewellery firms and an intra‑day gold rebound — call for tighter procurement discipline. Practical responses include shifting a portion of purchases to forward contracts or short‑dated hedges on MCX/COMEX equivalents, reevaluating markup bands on gram‑priced SKUs, and staging imports to mitigate landed‑cost volatility.

Wholesalers and showroom operators should review inventory by weight profile: prioritize lower‑gram SKUs with micro‑pave9 or openwork that preserve retail price points while reducing metal exposure. Marketing should emphasise craftsmanship and finish details — knife‑edge shanks, satin surfaces, refined mounting techniques — rather than purely metal content, to protect margin without resorting to discounting.

Finally, investors tracking the sector should treat the equity uptick as a policy‑driven re‑rating rather than a fundamental revaluation of gold demand; sustained moves in futures will be the clearer signal for durable margin pressure or relief.

Image Referance: https://www.businesstoday.in/union-budget/story/budget-2026-stock-market-kalyan-jewellers-titan-senco-gold-other-jewellery-stocks-rise-up-to-5-513991-2026-02-01