It’s not easy being a jewellery retailer – the nearly 50% surge in gold prices over the past one year to record levels of Rs 1,20,000 per 10 grams currently has made the operating environment quite difficult for jewellery chains amidst the festival season with middle class consumers thinking twice before making a purchase.

Several jewellery retailer stocks have seen a sharp dip in their stock prices over the past one year with some falling by more than 30%. However, amidst the difficult operating environment, jewellery retailers have surprised investors on Dalal Street with reasonably strong sales updates for the September 2025 quarter over the past few days, and that’s largely owing to the festival season commencing in September this year vis-a-vis October in 2024.

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