Best Diamond and Jewellery Stocks in India

Imagine walking into a jewellery store where the sparkling diamonds and shining gold instantly catch your eye. 

For centuries, jewellery has been more than just an ornament in India it has been a symbol of tradition, wealth, and emotional connection. From wedding celebrations to festive occasions, every piece of jewellery carries a story. 

Quick Summary

The gem, diamond and jewellery market is growing rapidly, which shows significant growth. The jewellery industry contributes 7% to the GDP while generating 15% of its product sales.

The jewellery sector also plays a major role who are interested in gold company stocks.  

Our Focus in the Article

• What are jewellery stocks, and their Overview as per market capitalisation 

• Features of Jewellery and Its Benefits 

• Factors to consider to investing in jewellery stock & Risk

• Should I have to invest in their company

 

What are Jewellery Stocks?

Jewellery stocks are the shares of companies that make, sell, or export jewellery like gold, silver, diamonds, and precious gems.

When you buy jewellery stocks, you are investing in those companies. If the company grows and makes profit, the value of its shares also increases, which can give you returns.

These stocks are linked with demand for jewellery, gold prices, fashion trends, and festive or wedding seasons.

Brief Overview of the Jewellery Industry in India

The jewellery industry in India is one of the oldest and most trusted businesses. Jewellery is not just an ornament here; it is also seen as a symbol of tradition, culture, and investment. From gold and silver to diamonds and gemstones, Indians buy jewellery for weddings, festivals, and also as a way to secure their money.

India is one of the largest consumers of gold in the world, and the industry also contributes a big part to the country’s exports. With changing fashion, modern designs, and increasing demand, the jewellery market in India keeps growing every year.

Top Diamond and Jewellery Stocks in India in 2025 as per Market Capitalisation

Market capitalisation means the total value of a company in the stock market. It is calculated by multiplying the company’s share price by the total number of its shares.

In 2025, diamond and jewellery stocks in India show a wide range of market capitalisation. Some big companies are large-cap, meaning they have a very high value and strong market presence. Others fall under mid-cap and small-cap, which are smaller in size but can grow faster.

This helps investors understand the size, stability, and growth potential of different jewellery companies before investing.

1. Titan Company Ltd

Market Cap: ₹3,04,626 crore 

Overview: Titan Company, a subsidiary of the Tata Group, is a leading player in the Indian jewellery market. Its flagship brand, Tanishq, is renowned for its wide range of gold, diamond, and platinum jewellery. 

Titan has expanded its portfolio to include watches, eyewear, and precision engineering products. The company is also making strides in the global luxury watch market with sub-brands like Nebula and Xylys. 

2. Kalyan Jewellers India Ltd

Market Cap: ₹49,846 crore 

Overview: Kalyan Jewellers operates a vast network of showrooms across India and the Middle East. The company offers a diverse range of traditional and contemporary jewellery designs.

Despite reporting a strong 30% year-on-year growth in consolidated revenue for the September quarter (Q2 FY26), Kalyan Jewellers India saw its shares drop by over 1% on October 6, 2025.

3. PC Jeweller Ltd

Market Cap: ₹9,626 crore 

Overview: PC Jeweller is known for its wide range of affordable jewellery options, catering to a diverse customer base. The company has shown significant growth in recent years and continues to expand its presence in the Indian jewellery market.

4. P N Gadgil Jewellers Ltd

Market Cap: ₹8,060 crore (approx. $0.97 billion)

Overview: With a rich heritage, P N Gadgil Jewellers offers a range of traditional and modern jewellery pieces. The company has experienced a surge in share prices following the announcement of record-breaking festive season sales, with revenues during Navratri and Dussehra climbing 65% year-on-year to reach ₹618 crore. 

If you want more stock results with jewellery and any other sector. Dhanarthi stock screener helps to provide screening results by applying minimal queries. It helps to analyse more in depth, which is useful for making an investment that makes better decisions.

Best Diamond and Jewellery Stocks based on Analyst Ratings

When analysts rate stocks, they look at several factors to tell investors whether a stock is likely to perform well. For jewellery stocks, key points include:

1. Revenue and Growth: How much the company is earning from jewellery sales and whether it is growing every year.

2. Profit Margins: How much profit the company makes after costs, including gold and diamond prices.

3. Brand Strength: Popular and trusted brands sell more jewellery, especially in India where reputation matters.

4. Market Presence: Number of stores, online reach, and exports. A bigger presence often means higher sales potential.

5. Risk Factors: Rising gold prices, competition, and economic slowdown can affect profits.

Market capitalisation shows the total value of a company in the stock market. It is calculated by multiplying the stock price by the total number of shares. Larger companies (large-cap) are usually more stable, while smaller companies (mid-cap or small-cap) may grow faster but are riskier.

Features of Jewellery Stocks in India

Jewellery stocks in India represent companies that sell gold, diamonds, and precious jewellery.

Their performance depends on gold prices, brand value, and customer demand, especially during festivals and weddings. These stocks offer growth potential but can be volatile due to market and price changes.

1. Strong Brand Value

Many jewellery stocks represent companies that have a strong brand presence in India. Brands like Titan, Kalyan Jewellers, and PC Jeweller are well-known and trusted by customers. A strong brand helps in attracting loyal customers, which can lead to steady revenue and growth.

2. Market Capitalisation

Jewellery stocks vary in market capitalisation. Market capitalisation refers to the total value of a company in the stock market, calculated by multiplying its share price by the number of shares. 

Large-cap jewellery stocks are generally more stable and less risky, while mid-cap or small-cap stocks may have higher growth potential but come with higher risk.

If you’re looking for the best gold shares to buy, it’s wise to balance between stability and growth potential based on your risk appetite.

3. Dependence on Gold Prices

Jewellery companies are directly affected by gold and diamond prices. When gold prices rise, the cost of jewellery production increases, which can impact profit margins. 

On the other hand, when gold prices fall, companies may benefit from lower production costs. Investors need to watch gold market trends to understand potential impacts on these stocks.

4. Retail and Online Presence

Modern jewellery companies not only have physical stores but are also expanding their online presence. E-commerce for jewellery is growing rapidly, and companies that adapt to online sales often see faster growth and reach more customers.

5. Seasonal Demand

Jewellery sales in India are often influenced by festivals, weddings, and special occasions. For example, sales increase during Diwali, Akshaya Tritiya, and wedding seasons. This seasonality can create periods of high revenue for jewellery companies.

6. Profit Margins and Business Model

Jewellery stocks generally earn revenue from gold and diamond jewellery sales, and profit margins depend on design, brand, and operational efficiency. Premium brands may have higher profit margins due to strong customer loyalty and brand recognition.

7. Dividend Potential

Many established jewellery companies give dividends to their shareholders, which provides additional income besides capital appreciation. Companies with a history of regular dividends are attractive to long-term investors.

8. Growth Opportunities

India has a growing middle class, increasing disposable income, and cultural affinity for gold and diamonds. 

This provides strong growth potential for jewellery companies in India. Some companies are also expanding internationally, which can enhance their revenue streams.

9. Volatility

Jewellery stocks can be volatile, as they are influenced by gold and diamond prices, global economic conditions, and consumer demand. 

Investors need to be prepared for short-term fluctuations but can benefit from long-term growth if they choose strong companies.

10. Analyst Ratings

Financial analysts often rate jewellery stocks based on performance, growth prospects, and market trends. These ratings help investors understand which stocks are performing well and which may have better potential for returns.

Benefits of Investing in Jewellery Stocks in India

Investing in jewellery stocks in India can offer good long-term growth due to rising gold demand and strong brand presence. 

They may also provide regular dividends and benefit from seasonal sales during festivals and weddings. Additionally, they act as a hedge against gold price fluctuations.

Investing in jewellery stocks in India can be profitable and rewarding. These companies benefit from India’s strong love for gold and diamonds, especially during festivals, weddings, and special occasions, which often leads to higher sales.

Many jewellery companies are well-established with trusted brands, giving investors confidence in their growth potential.

Additionally, some of these stocks offer dividends, providing extra income besides potential share price gains. 

Since jewellery is closely linked to gold, these stocks can also act as a hedge against rising gold prices, protecting your investment during times of market uncertainty.

Overall, jewellery stocks combine brand strength, steady demand, and growth opportunities, making them a popular choice for investors looking for long-term benefits.

Risks of Investing in Jewellery Stocks in India

Investing in jewellery stocks in India offers several benefits that leverage the cultural importance and economic dynamics of the sector. 

These stocks provide stable demand due to deep-rooted traditions around gold and jewellery in Indian weddings and festivals. Moreover, jewellery is seen as a form of wealth preservation, often resilient to lifestyle changes, making these stocks potentially stable long-term investments.

The sector’s shift toward organised retail and branded jewellery is another key advantage, as it drives transparency, customer trust, and growth opportunities for listed players. 

Additionally, India’s strong position as an exporter of cut and polished diamonds offers jewellery companies revenue diversification and foreign exchange benefits. 

Finally, rising incomes and urbanisation fuel demand for premium diamond and designer jewellery, helping improve profit margins for companies in this space. 

These factors combine to make jewellery stocks in India an attractive option for investors looking for cultural stability, growth potential, and portfolio diversification

Factors to Consider When Investing in Jewellery Stocks

When considering an investment in jewellery stocks in India, there are several important factors to keep in mind. These help make smarter decisions and reduce risk for long-term benefits.

Gold Price Movements

The value of jewellery stocks is closely linked to the price of gold and other precious metals. If gold prices rise sharply, the cost of making jewellery increases, which can affect company profits. Tracking global gold prices helps understand when to buy or sell jewellery stocks.

Market Share & Brand Strength

Well-known brands often perform better because consumers trust them for quality and authenticity. Companies with a large network, established reputation, and strong presence across India are likelier to see stable growth and customer loyalty.

Financial Health

A company’s financial stability is key. Look at profit margins, debt levels, working capital, and consistent earnings. Healthy companies manage costs well, keep their inventory moving, and maintain positive cash flow which supports stable performance even if the market changes.

Regulatory Environment

Rules, taxes, or duties on gold and jewellery can change, directly affecting how profitable these stocks are. Stay updated with government policies, GST rates, and hallmarking standards, because sudden changes may impact stock prices.

Export Footprint

Jewellery companies exporting gems and products to other countries can balance out slow periods in the Indian market. A strong export business makes earnings more resilient and diversified, creating better long-term stability.

Consumer Trends

Indian consumers are shifting toward lightweight, designer, and diamond jewellery. Companies constantly updating their designs to match these trends often perform better, as they meet changing demand.

Inventory Management

Jewellery businesses must hold large amounts of gold and diamonds as inventory, which ties up cash. Efficient inventory management ensures companies don’t lose money in storage or price fluctuations, supporting healthy financials.

Competition

The jewellery market in India has both big organised brands and many small, unorganised retailers. High competition means companies need to differentiate with design, pricing, trust, and marketing to grow and maintain profits.

Technical Indicators

For deeper research, examine ratios like P/E (Price to Earnings), Dividend Yield, and Book Value. These help compare if a jewellery stock is undervalued or overpriced and whether it pays reliable dividends.

By keeping these factors in mind, investors can identify jewellery stocks with strong fundamentals and better potential for long-term returns in the Indian market.

Should You Invest in Diamond and Jewellery Stocks?

As you know, investing in Diamond and Jewellery stocks is a long-term Investment. Indian jewellery stocks can be attractive when investors look for long-term growth. 

Specifically, with increasing income and cultural importance in the same region. Some of the factors, like Cash flow, EPS of the jewellery sector stocks, before investing in them.  

Some research on the best jewellery stocks in India is important for creating a diversified portfolio. Moreover, you can also make your investment journey with the best jewellery stocks to buy more conveniently.  

Conclusion

In conclusion, investing in diamond and jewellery stocks in India offers a mix of stability and growth. With rising income levels, strong festive demand, and global recognition of Indian jewellery brands, this sector continues to shine.

Companies like Titan, Kalyan Jewellers, and Rajesh Exports show strong performance and future potential, making jewellery stocks a valuable part of a balanced investment portfolio.

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