Jewellery stocks jumped sharply on Monday with Kalyan Jewellers leading the pack, rising 14.7%. Other players like Motisons Jewellers, Vaibhav Global, Goldiam International, Sky Gold and Diamonds, Thangamayil Jewellery, and P N Gadgil Jewellers gained 9-16%. Titan Company rose 3%. The benchmark Nifty 50 rose 0.7%, while Nifty Midcap 150 and Smallcap 250 climbed 1.6% and 2.6%, respectively. According to Gaurang Kakkad, head of research at Centrum Broking, "Monday's run-up is largely a combination of strong results by Kalyan Jewellers and P N Gadgil, as well as tariff reduction on jewellery exports as part of the India-US bilateral trade deal." The US agreed to reduce tariffs on gems and diamonds imported from India from 50% to 18%. Research analyst Harsh Thakkar from Samco Securities said investors expect the strong momentum from October to December to continue into the fourth quarter, boosted by wedding-season demand. Kalyan Jewellers posted a 60% jump in consolidated net profit for Q3, and P N Gadgil saw a 115.5% rise in October–December profit. Thakkar added, "We have seen strong third-quarter numbers from Sky Gold and P N Gadgil, and we expect strong results from other key players such as Titan Company and Senco Gold. Investors may consider accumulating shares of leading companies in the segment on dips." Kakkad noted that third-quarter growth was driven by gold price inflation and strong wedding-related buying. International gold prices rose nearly 12% between October and December, and have gained over 16% so far in 2026 amid volatile trading. He emphasized that the jewellery sector’s structural story remains strong. Organised jewellers are gaining market share from unorganised sellers, expanding stores, and entering new categories like lab-grown diamonds and lightweight jewellery. Kakkad’s top pick is Titan. “Despite gold price volatility, January has remained healthy in KPIs like walk-ins, footfalls, and consumer traction,” Kakkad said. "We expect that a correction in gold prices will provide more opportunities for hesitant buyers, keeping demand momentum strong in the fourth quarter." Meanwhile, the overall market showed steady gains with Nifty 50 and the mid and small-cap indices moving up, reflecting positive investor sentiment on tariff easing and strong business performance in the jewellery sector.