Gems & Jewellery stocks: Goldiam, Kalyan, Senco, Thangamayil zoom up to 18%

If tariff rates on gems and jewellery are reduced to zero, it will bring major relief to India's gems and jewellery sector, which counts the US as its largest export market, said ICICI Securities.

Gems & Jewellery stocks movement today

 

Shares of gems & jewellery companies were in demand, zooming up to 18 per cent on the BSE in Monday’s intra-day trade amid heavy volumes after the United States (US)-India released the trade deal framework. The companies from the sector so far announced results, have posted strong earnings for the quarter ended December 2025 (Q3FY26).

 

Among individual stocks, Goldiam International rallied 18 per cent to ₹429.35 on the back of a three-fold jump in the average trading volumes. In the past one week, the stock has zoomed 43 per cent after the US and India announced a trade deal.

 

The share price of Kalyan Jewellers India soared 12 per cent to ₹424.85 on the back of near four-fold rise in the average trading volumes. Senco Gold surged 7 per cent to ₹355.75, followed by P N Gadgil Jewellers (6.5 per cent at ₹585.2), Thangamayil Jewellery (5.5 per cent at ₹3,559.30), Rajesh Exports (5 per cent at ₹181.75), Renaissance Global (4 per cent at ₹124.95), BlueStone Jewellery and Lifestyle (3 per cent at ₹443) and Titan Company (2 per cent at ₹4,227.80). In comparison, the BSE Sensex was up 0.6 per cent at 84,045 at 10:41 AM.

 

India-US trade deal framework

 

India and the US on Saturday announced they have agreed on an interim trade framework aimed at enhancing bilateral trade toward a $500 billion target over five years.

 

Under the US-India interim trade agreement the tariff on cut and polished diamonds (CPDs) could go back to zero subject to the successful conclusion of the interim agreement between both sides. Tariffs to come down to 18 per cent for India after an executive order has been issued which could be earlier than March. 

 

India majorly exports cut and polished diamonds, lab-grown synthetic diamonds, coloured gemstones, synthetic stone, plain and studded gold jewellery, silver and platinum jewellery, imitation jewellery and articles of gold, silver and others. India’s gem and jewellery exports to the United States witnessed a sharp contraction during the April–December 2025, declining 44.42 per cent year-on-year to $ 3.86 billion, compared to $ 6.95 billion in the corresponding period last year. 

 

In December 2025, exports to the US declined by 50.44 per cent year-on-year, reflecting the continued impact of tariff-related pressures and subdued discretionary demand, ICICI Securities said in a note.

 

If tariff rates on gems and jewellery are reduced to zero, it will bring major relief to India’s gems and jewellery sector, which counts the US as its largest export market, contributing about 30 per cent of industry sales. Key beneficiaries would be gems and jewellery exports such as Renaissance Global and Goldiam International, the brokerage firms said.

 

Kalyan Jewellers, Goldiam’s strong Q3 result

 

Despite the tariff overhang, festive season demand in the US during Q3 FY2026 helped Goldiam, an integrated manufacturer and supplier of fine diamond jewellery to leading retailers and wholesalers in the USA, to report 18 per cent year-on-year (YoY) growth in consolidated revenue at ₹339.7 crore in Q3FY26. Lab Grown Diamond jewellery exports contributed 90.5 per cent to the overall export sales mix during Q3FY26, compared to 80 per cent in Q3FY25. 

 

The company’s profit after tax (PAT) jumped 37.4 per cent YoY at ₹68.4 crore in Q3FY26 from ₹49.8 crore in Q3FY25. Reported earnings before interest, taxes, depreciation, and amortization (EBITDA) margin expanded 211bps to 26.7 per cent in Q3FY26 from 24.6 per cent in Q3FY25.

 

Goldiam’s order book position as on December 31, 2025 was at about ₹180 crore. This order book is expected to be executed in the next three-four months. E-commerce sales, given their nature of being booked online (on a spot basis), are not part of the order book, the company said.

 

Meanwhile, Kalyan Jewellers reported 90 per cent YoY growth in consolidated PAT at ₹416.30 crore in Q3FY26, against ₹218.7 crore in Q3FY25. Revenue jumped 42 per cent YoY to ₹10,343 crore from ₹7,278 crore a year ago. Reported EBITDA margin improved 135bps to 7.26 per cent in Q3FY26. The management said margin expansion was driven by mix improvement, procurement efficiencies, operating leverage, higher share of FOCO revenue, and gains in platinum and silver.  ====================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.