Shanti Gold, PC Jeweller Shares Jump Up To 9% In Early Trade As Gold ETF FoF Subscription Curbs Put Jewellery Demand In Focus

Jewellery stocks gained up to 9% in early trading on Friday, 16 October 2026, after around 17 mutual fund houses temporarily restricted fresh subscriptions to gold exchange-traded fund (ETF) fund of funds (FoFs).

The curbs took effect across fund houses on 15 and 16 October 2026. The restrictions have brought physical gold demand and jewellery purchases into focus as Dussehra and Diwali approach.

Shanti Gold International Limited rose 7.6% in early trade to a fresh 52-week high of ₹421.85. Sky Gold and Diamonds Limited gained 6.1% to a record high of ₹1,064. PC Jeweller share price climbed 9.9% to ₹15.89, also hitting a 52-week high, while Tribhovandas Bhimji Zaveri (TBZ) Limited advanced 5% to ₹760.75, its 52-week high.

At 11:54 am on Friday on the Bombay Stock Exchange (BSE), here is how these jewellery stocks were trading:

• Shanti Gold shares: ₹421.65, up 7.54%

• Sky Gold and Diamonds shares: ₹1052, up 4.92%

• PC Jeweller shares: ₹16.98, up 17.43%

• TBZ shares: ₹760.75, up 5%

Gold ETF FoF Curbs Do Not Affect Existing Investments

The restrictions apply to fresh subscriptions and new systematic registrations, but investors can still redeem their existing investments. Systematic investment plan (SIP) and systematic transfer plan (STP) instalments registered before the relevant effective dates will continue at the applicable net asset values (NAVs).

The restrictions followed instructions from the Securities and Exchange Board of India (SEBI), conveyed through the Association of Mutual Funds in India (AMFI).

Gold ETF inflows had already increased in September 2026. Net inflows reached ₹4,450.61 crore, up 71.4% from ₹2,596.70 crore in August 2026, according to AMFI data.

Jewellery Demand Expected To Hold Up Despite High Prices

Analysts expect jewellery stocks to remain in focus as festive and wedding purchases support demand. As per a report, gold demand in India is likely to remain steady whether prices rise or fall. Through lightweight jewellery, smaller purchases and exchanges of old gold, consumers are adapting to higher gold prices.

Organised retailers such as Titan Company, Kalyan Jewellers and Senco Gold could gain market share, although margins and sales volumes remain key factors to watch. Senco Gold was also highlighted for its growth potential. Titan and newly listed Lalithaa Jewellery Mart were flagged among stocks to watch.

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