Titan, Kalyan Jewellers, PCJ, To Senco Gold: How Are Gold Stocks Reacting to Trump Tariffs?

United States President Donald Trump's tariffs-led disruptions has reached the gold industry. Diamonds, gold and products, imported from India, face the risk of nearly 52.1% tariffs. Despite uncertainty around Trump tariffs, shares of gold stocks like PC Jewellers, Kalyan Jewellers, Titan, Muthoot Finance, Rajesh Exports, Tribhovandas Bhimji Zaveri, etc showcased mixed performance.

Kalyan Jewellers shares tumbled nearly 8.3%, whereas Titan shares were trading 1.63% higher at Rs 3,470 per share on BSE at 2:57 pm. Other than Trump tariffs, investors were also reacting to the June quarter earnings released by them recently. Shares of PC Jewellers were down 0.21%, Rajesh Exports were down 1.69%, and TBZ were down 1.84% during the market closing hours.

How Will Trump Tariffs Impact Gold Stocks In India?

Some gold jewellery companies have said that Trump tariffs will not have a major impact on their business, apparently due to their limited presence in the US market. Donald Trump tariffs might impact the business and the current signals about the US policies are quite volatile, said C.K. Venkatraman, Managing Director, Titan Company Limited recently in the conference call.

"Aware of the build-up towards the tariffs, and we had prepared everything on the ground to deal with it, and actually we have done very well in the first quarter of FY26. But the current signals are quite volatile, and we don't want to take any knee-jerk reaction with respect to pricing," said Venkatraman.

India's gold jewellery export market is valued at approximately $32 billion in FY25, with around 30% (approx. $11 billion) of this exported to the United States, making the U.S. a significant contributor to overall Indian gold jewellery exports. Among Indian exporters, Rajesh Exports is one of the leading players supplying gold jewellery to the U.S.

"Stocks like Titan and Rajesh Exports are already feeling the heat, but the concern is structural, this isn't just a policy shock, it's a value chain disruption. With close to 30% of our trade being connected to the US, we stand to lose hard-earned market share to lower-tariff countries such as Vietnam and Turkey," noted Trivesh D, COO Tradejini.

Before tariff escalation under President Trump, US government had imposed 7% tariffs on imports of plain gold jewellery, 5% tariffs on studded jewellery, and 3-8% tariffs on other articles. There is unclarity on tariffs on gold imports post implementation of revised tariffs.

Donald Trump, recently, doubled Trump tariffs from 25% to 50% on Indian imports citing its oil trade with Russia. The Indian government is navigating the outcome of the US tariff policy and further development around the same will remain crucial for gold jewellers as well.

"Industry leaders have changed their approach, moving some of their manufacturing operations or establishing them in the nations like Thailand and the UAE. However, policy support like targeted reimbursements and SEZ flexibility could mitigate the impact. Unless India responds with targeted policy support, gold stocks can keep varying in the near term and provide a temporary patch that could add complexity and cost," Trivesh added.

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