Prime Minister Narendra Modi’s appeal on May 10 asking Indians to avoid buying gold for weddings for one year sent shockwaves through India’s listed jewellery sector on May 11, with stocks across the segment falling sharply as investors priced in near-term demand uncertainty. The sell-off was broad-based, hitting large-cap names like Titan as well as mid and small-cap jewellery plays, wiping out thousands of crores in market capitalisation in a single session.
Jewellery stocks impact tracker — May 11, 2026
| Company | NSE Symbol | Change |
|---|---|---|
| Skygold | SKYGOLD | 🔻 10.76% |
| Senco Gold | SENCO | 🔻 10.69% |
| Titan Company | TITAN | 🔻 6.66% |
| PNG Jewellers | PNGJL | 🔻 6.66% |
| MVG Jewellers | MVGJL | 🔻 6.60% |
| Shrangarhouse | SHRNGHOUSE | 🔻 6.41% |
| RBZ Jewellers | RBZJEWEL | 🔻 6.51% |
| TBZ | TBZ | 🔻 6.11% |
| Radhika Jewels | RADHIKAJWE | 🔻 6.11% |
| Thangamayil | THANGAMAYL | 🔻 5.82% |
| Bluestone | BLUESTONE | 🔻 5.70% |
| Goldiam International | GOLDIAM | 🔻 5.64% |
| DP Abhushan | DPABHUSHAN | 🔻 5.39% |
| PC Jeweller | PCJEWELLER | 🔻 5.26% |
| Grov Jewels | GROVJWL | 🔻 4.92% |
| Kalyan Jewellers | KALYANKJIL | 🔻 7.23% |
| KDL | KDL | 🔺 9.03% |
| Orosmiths | OROSMITHS | 🔺 2.94% |
| Divine Hira | DIVINEHIRA | 🔺 5.00% |
| Panth | PANTH | 🔺 5.00% |
What triggered the sell-off?
Speaking at a public gathering in Secunderabad on May 10, PM Modi made an extraordinary appeal to Indian citizens to avoid purchasing gold for weddings and ceremonies for at least one year, linking the request to India’s foreign exchange pressures amid the ongoing Middle East war and a crude oil price surge to $126 per barrel. Gold is India’s second largest import after crude oil, with the annual import bill running at approximately USD 50-55 billion in FY26.
The market’s reaction was immediate and severe. Jewellery stocks are the most direct equity market expression of domestic gold demand, and the PM’s appeal — even without any accompanying policy action such as an import duty hike — created sufficient uncertainty about the wedding season demand outlook to trigger broad-based selling.
Who fell hardest and why?
Skygold and Senco Gold bore the brunt of the sell-off with declines exceeding 10%, reflecting their relatively higher exposure to domestic retail wedding jewellery demand and smaller liquidity pools that amplify price moves. Titan Company, India’s largest listed jewellery retailer through its Tanishq brand, fell 6.66% despite being better diversified across watches, eyewear, and international markets — underscoring how the market treated the sector as a whole rather than distinguishing between business models.
A handful of names — KDL, Orosmiths, Divine Hira, and Panth — bucked the trend and gained, though the reasons for their counter-trend performance were not immediately clear and may reflect company-specific factors or short covering.
Is the fear justified?
As covered in our earlier explainer, PM Modi’s appeal is voluntary with no legal enforcement mechanism. India’s gold demand — particularly wedding-driven purchases — is culturally deeply embedded and historically tends to be deferred rather than permanently cancelled. The more substantive risk that markets are pricing in is whether the appeal will be followed by hard policy action, specifically a gold import duty hike, which has historically caused sharp and immediate demand destruction as seen in 2013.
Until policy clarity emerges, jewellery stocks are likely to remain under sentiment-driven pressure, with investors unwilling to step in ahead of potential regulatory action.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult a registered financial advisor before making any investment decisions. Business Upturn does not hold any position in the securities mentioned.