Yes and No.
Yes because it's a cost efficient item early game, and the fact that you need red trinket, but the sightstone upgrade sucks ass, and overall the item will remain useful throughout. However, this does not mean every jungler should build it.
For example: Imagine you are Master Yi, and you are opting for damage build. You do not want sightstone, as it takes up an item slot and potential defense/damage. What you do instead is upgrade trinket ward, which is the same as a sightstone but sacrifices ward clearance and health.
TL;DR: Buy it if you are supportive jungler/tanky, not if you are assasin/damage/other.