New Delhi, June 4 -- The rising gold prices act as a double-edged sword for jewellery stocks, as they can lead to inventory gains but dent demand, which could impact the profitability.

With gold prices once again eyeing the Rs.1,00,000 mark in the spot market, the spotlight is back on the jewellery companies like Titan, Kalyan Jewellers and Senco Gold, which have showcased a mixed performance so far in 2025.

While the market leader Titan has gained 7% year-to-date (YTD) amid a 26% rally in gold prices, other top jewellery stocks - Kalyan, Senco and Motisons - have lost between 28% and 40%.

However, despite the mixed show, analysts remain largely positive on the branded jewellery players. They believe that while the short-term outlook i...