Helios Capital on why falling gold prices are not a trigger for renewed interest in yellow metal
Jewelry stocks are regaining investor attention as organized retailers capture market share from unorganised players.
- Sep 29, 2026,
- Updated Sep 29, 2026 5:11 PM IST
Jewellery stocks are returning to investors' watchlists, but not for the reason many on the Dalal Street may assume. Helios Capital’s Dinshaw Irani said the renewed interest in the segment is not a tactical call on falling gold prices but a structural bet on rising per-capita consumption and the steady shift of buyers from unorganised sellers to branded, organised jewellers.
Speaking to BTTV amid a bruising market correction and heightened volatility, Irani argued that the jewellery theme stands out because the underlying demand story remains intact even as broader sentiment weakens.
Formalisation, not bullion, is the real trigger
“It’s agnostic of gold prices. We’re not even looking at the gold prices out here,” Irani said, pushing back against the view that the sector’s appeal is tied mainly to a sharp correction in bullion. Instead, he said the bigger opportunity lies in the migration of demand toward organised chains.
That shift matters because the unorganised segment still accounts for a significant share of jewellery purchases. As consumer comfort with branded players rises, listed companies are positioned to capture a disproportionate share of incremental demand.
Titan remains the benchmark
Irani pointed to Titan as the clearest proof of the thesis. “It’s still growing at twenty percent-plus kind of growth rates in the jewellery business,” he said, adding that such momentum shows there is “enough and more” room for both incumbents and newer entrants.
In a market where investors are increasingly rewarding visible growth over mere size, Titan’s performance offers a template for how organised jewellers can compound even in a volatile macro environment.
Why Lalithaa fits the portfolio
Helios also highlighted Lalithaa Jewellery Mart, where it participated at the IPO stage. Irani said the attraction lies in its positioning as “one of the lowest making charge plays”, a factor that can strengthen value perception among customers, particularly in price-sensitive markets.
He did flag one caveat: the company does not hedge its gold position. Even so, Irani suggested the risk is manageable because the exposure is largely daily in nature and therefore unlikely to create a major earnings shock from gold-price swings alone. He also noted the company is “doing fairly well” in its southern market stronghold.
A pocket of growth in a difficult tape
The call is notable because it comes at a time when the broader market backdrop remains fragile, with selling pressure, weak breadth and elevated volatility dominating sentiment. Against that backdrop, Helios’ jewellery stance reflects a wider investing preference for niche, scalable consumption stories where market-share gains can offset macro noise.
For investors, the message is clear: In jewellery, the bigger story may no longer be the metal, but the merchants gaining trust, scale and formal market share.
Jewellery stocks are returning to investors' watchlists, but not for the reason many on the Dalal Street may assume. Helios Capital’s Dinshaw Irani said the renewed interest in the segment is not a tactical call on falling gold prices but a structural bet on rising per-capita consumption and the steady shift of buyers from unorganised sellers to branded, organised jewellers.
Speaking to BTTV amid a bruising market correction and heightened volatility, Irani argued that the jewellery theme stands out because the underlying demand story remains intact even as broader sentiment weakens.
Formalisation, not bullion, is the real trigger
“It’s agnostic of gold prices. We’re not even looking at the gold prices out here,” Irani said, pushing back against the view that the sector’s appeal is tied mainly to a sharp correction in bullion. Instead, he said the bigger opportunity lies in the migration of demand toward organised chains.
That shift matters because the unorganised segment still accounts for a significant share of jewellery purchases. As consumer comfort with branded players rises, listed companies are positioned to capture a disproportionate share of incremental demand.
Titan remains the benchmark
Irani pointed to Titan as the clearest proof of the thesis. “It’s still growing at twenty percent-plus kind of growth rates in the jewellery business,” he said, adding that such momentum shows there is “enough and more” room for both incumbents and newer entrants.
In a market where investors are increasingly rewarding visible growth over mere size, Titan’s performance offers a template for how organised jewellers can compound even in a volatile macro environment.
Why Lalithaa fits the portfolio
Helios also highlighted Lalithaa Jewellery Mart, where it participated at the IPO stage. Irani said the attraction lies in its positioning as “one of the lowest making charge plays”, a factor that can strengthen value perception among customers, particularly in price-sensitive markets.
He did flag one caveat: the company does not hedge its gold position. Even so, Irani suggested the risk is manageable because the exposure is largely daily in nature and therefore unlikely to create a major earnings shock from gold-price swings alone. He also noted the company is “doing fairly well” in its southern market stronghold.
A pocket of growth in a difficult tape
The call is notable because it comes at a time when the broader market backdrop remains fragile, with selling pressure, weak breadth and elevated volatility dominating sentiment. Against that backdrop, Helios’ jewellery stance reflects a wider investing preference for niche, scalable consumption stories where market-share gains can offset macro noise.
For investors, the message is clear: In jewellery, the bigger story may no longer be the metal, but the merchants gaining trust, scale and formal market share.