Best Diamond and Jewellery Stocks in India

As you enter a jewellery shop, you will notice the dazzling diamonds and gold as soon as you enter the store.

Jewellery is not a new concept in India; over the centuries, it has been an emblem of tradition, prosperity, and feeling. No matter where you are at the wedding parties or during any other festive events, each jewellery has a story.

Quick Summary

The market of gems, diamonds, and jewellery is expanding at high rates and this indicates high growth. The jewellery industry is contributing 7 per cent of the GDP, besides producing 15 per cent of its product sales.

Another sector with big interests that are interested in gold company stocks is the jewellery sector.

Our Focus in the Article

• Overview of Jewellery stocks
• 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?

Stocks in jewellery are the stocks of jewellery-making, selling, and exporting companies, such as gold, silver, other precious gems and diamonds.

When you purchase jewellery stocks, you are buying stocks of those companies. In case the company expands and realises a profit, the share value also rises, and this can provide you with returns.

These stocks are associated with jewellery, gold prices, fashion trends and the season of festivals or weddings.

Brief Overview of the Jewellery Industry in India

India, one of the oldest and most trusted businesses, is the jewellery industry. Here, a piece of jewellery is not merely an ornament; it is often viewed as a source of tradition, culture, and a means of investment.

Indians buy everything from gold and silver to diamonds and gemstones to mark weddings, celebrations or simply as a repository of their wealth.

India is one of the largest consumers of gold in the world, as well as being a significant provider of jewellery in its exports. With changing fashions, modern designs, and rising demand, the jewellery market in India continues to grow year-on-year.

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

Market capitalisation refers to the overall value of a company trading in the stock market. It is calculated by multiplying the company's share price by the number of its outstanding shares.

In 2025, diamond and jewellery stocks in India have differing levels of market capitalisation. Some large companies are large-capitalisation, as these companies maintain a high overall value and market presence.

Other companies fall under either mid-capitalisation or small-capitalisation. Mid-capitalisation and small-capitalisation companies are smaller in size but may provide higher growth opportunities.

Understanding market capitalisation allows investors to determine a company's size, stability, and potential for growth when evaluating different companies in the jewellery industry before an investment decision.

1. Titan Company Ltd

Market Cap: ₹3,04,626 crore 

Overview: Titan Company, an affiliate of the Tata Group, is at the forefront of the Indian jewellery market. The company’s core jewellery brand, Tanishq, is popular for its collections of gold, diamond and platinum jewellery.

Titan has broadened its product lines to include watches, eyewear, and precision engineering goods. Titan is also advancing in the international luxury watch segment with sub-brands Nebula and Xylys.

2. Kalyan Jewellers India Ltd

Market Cap: ₹49,846 crore 

Overview: Kalyan Jewellers has a large number of showrooms located in India and the Middle East, with an extensive collection of traditional and modern jewellery.

Kalyan Jewellers India reported a robust 30% year-on-year growth in consolidated revenue for the September quarter (Q2 FY26). On October 6, 2025, however, its shares fell by more than 1%.

3. PC Jeweller Ltd

Market Cap: ₹9,626 crore 

Overview: PC Jeweller is known for its comprehensive selection of affordable jewellery options for all its customers. The company has experienced a lot of growth over the past few years, and it is continuing to expand across India's jewellery sector.

4. P N Gadgil Jewellers Ltd

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

Overview: P N Gadgil Jewellers has a strong heritage and offers a broad selection of traditional and modern styles. Following the announcement of record Festive Season sales, share prices have begun to surge, as they experienced year-on-year sales increases of 65%, generating revenue of ₹618 crore during Navratri and Dussehra.

For additional stock screening results related to jewellers or other sectors, the Dhanarthi stock screener provides the ability to apply only minimal screening queries. This will help with the more in-depth analysis useful in making more informed investment decisions.

Best Diamond and Jewellery Stocks based on Analyst Ratings

When analysts evaluate stocks, they look at many factors to assess whether a stock is likely to be successful. For jewellery stocks specifically, these items are significant to consider:

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 expenses, including the prices of gold and diamonds.

3. Brand Strength: Well-known and trusted brands have a propensity to sell more jewellery, especially in India, where trust, or brand recognition, is very important.

4. Market Presence: NumberThe number of stores, online market presence, and exports of the company. A company with a larger market presence tends to have a higher sales potential.

5. Risk Factors: Rising gold prices, competition, or economic downturns can influence profit margins.

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.

Generally, a larger market capitalisation is considered large-cap; these are generally considered stable companies. Mid-cap or small-cap companies usually grow faster but often come at a higher risk.

Features of Jewellery Stocks in India

As the famous jewellery companies in India which perform stock trading of gold and diamond jewellery.

Their performance is determined by the price of gold, brand name and customer demand, particularly at the time of festivals and marriages.

The stocks have growth opportunities but are usually volatile because of changes in the market and prices.

1. Strong Brand Value

Most jewellery inventories depict organisations that strongly have a brand name in India. Such brands as Titan, Kalyan Jewellers, and PC Jeweller are reputable and reliable to their customers. A dominating brand can be used to attract loyal customers, and this may result in a stable income and expansion.

2. Market Capitalisation

Market capitalisation of jewellery stocks differs. Market capitalisation is a cumulative value of a firm in the stock exchange, which is the product of the value of its shares and the number.

Stocks of large-cap jewellery are normally at a stable level that is not that risky, whereas the stocks of mid-cap or small-cap stocks have the potential to grow higher but at a risk.

In case you are seeking the best gold shares to purchase, it is prudent to strike a balance between stability and growth potential, depending on your risk appetite.

3. Dependence on Gold Prices

The price of gold and diamonds directly influences jewellery companies. As long as the price of gold is high, the cost of producing jewellery goes up, and this may affect the profit margin.

Conversely, companies can get a break in terms of reduced costs of production when the gold prices are down. Investors should observe the trend in the gold market so that they can know the effect of this on such stocks.

4. Retail and Online Presence

There are also modern jewellery companies that have brick and mortar shops, but also increase their online presence. The jewellery e-commerce has been expanding at a very high rate, and the organisations that are flexible towards online sales tend to grow swiftly and also cater to more customers.

5. Seasonal Demand

Festivals, weddings, and special occasions tend to be the factors with regard to jewellery sales in India. As an illustration, the sales grow on the occasions of Diwali, Akshaya Tritiya, anthe d wedding seasons. This seasonality is able to generate high revenue seasons for jewellery companies.

6. Profit Margins and Business Model

The jewellery stocks usually generate revenue through sales of gold and diamond jewellery, and the profit margins are determined by the design, brand and operational efficiency. Premium brands could be enjoying high profit margins because of customer loyalty and recognition of the brand.

7. Dividend Potential

Most of the well-established jewellery firms also pay dividends to their shareholders, and this is another source of income on top of capital gain. Long-term investors are interested in companies whose past records show frequent dividends.

8. Growth Opportunities

India is a rising middle-income country with a rising disposable income, and its culture is inclined towards gold and diamonds.

This offers the Indian jewellery companies good growth opportunities. Some firms are going global, a factor that can improve the revenue bases of firms.

9. Volatility

Jewellery stocks are volatile and they are affected by the price of gold and diamonds, economic trends of the world and demand.

Investors should be willing to roll the dice on a short-term basis; however, they are likely to win on long-term growth as long as they select powerful companies.

10. Analyst Ratings

Jewellery stocks are commonly rated by financial analysts on the basis of performance, growth potential and trend in the market. Such ratings will enable the investors to know the stocks which are performing better and which could potentially perform more than the others.

Benefits of Investing in Jewellery Stocks in India

Jewellery stock investment in India can provide a good opportunity for long-term growth due to increasing gold demand and established brand presence.

They may also provide consistent dividends, and they also benefit from seasonal selling in connection with holidays and weddings. Additionally, they can act as an inflation hedge against rising gold prices.

Investing jewellery stocks in India can certainly be lucrative and worthwhile. These businesses leverage India's cultural love of gold and diamonds, particularly around seasons of festivals, weddings, or other special occasions when consumers tend to spend more on jewellery.

Large, established jewellery companies often have widely known brands that give investors confidence to own these stocks and invest in potential growth.

In addition to growth in their share price, some of these stocks pay dividends, which is a nice extra income.

Because jewellery is fundamentally linked to gold, these stocks can also act as an inflation hedge and protect your investment against rising gold prices during moments of economic uncertainty.

Overall, jewellery stocks combine brand strength and solid growth potential with steady consumer demand, and tend to be a favourite among investors seeking long-term investment opportunities.

Risks of Investing in Jewellery Stocks in India

Investment in the best jewellery stocks in India – benefits. Investment in jewellery stocks in India offers a lot of advantages that benefit from the cultural significance and economic forces driving the segment.

These shares have strong demand drivers in terms of age-old customs related to gold and jewellery for Indian weddings and festivals. And, jewellery is perceived as a mode of wealth preservation; the demand for it may not collapse easily with changing lifestyles, and stocks could therefore be secured as stable long-term bets.

Besides, India’s strength in exporting cut and polished diamonds gives jewellery companies the benefit of revenue diversification and foreign exchange earnings.

Lastly, growing income levels and urbanisation are encouraging higher demand for premium diamonds as well as designer jewellery, which would also aid better margins for the companies in this segment.

All these factors cumulatively position Indian jewellery stocks as an interesting bet for an investor looking at a politically stable, culturally and traditionally rich economy with a growth perspective, and to diversify one’s portfolio.

Factors to Consider When Investing in Jewellery Stocks

When thinking about investing in jewellery stocks in India, there are several crucial factors to consider. These help you make better decisions and lower risk for long-term benefits.

1. Gold Price Movements

The value of jewellery stocks is closely tied 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 you know when to buy or sell jewellery stocks.

2. Market Share & Brand Strength

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

3. Financial Health

A company's financial stability is essential. 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. This supports stable performance even if the market changes.

4. Regulatory Environment

Changes in rules, taxes, or duties on gold and jewellery can directly influence the profitability of these stocks. Stay informed about government policies, GST rates, and hallmarking standards, as sudden changes might affect stock prices.

5. Export Footprint

Jewellery companies that export 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, which leads to better long-term stability.

6. Consumer Trends

Indian consumers are increasingly interested in lightweight, designer, and diamond jewellery. Companies that regularly update their designs to fit these trends often perform better, as they meet changing demand.

7. Inventory Management

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

8. Competition

The jewellery market in India features both large, organised brands and many small, unorganised retailers. High competition means companies must stand out through design, pricing, trust, and marketing to grow and maintain profits.

9. Technical Indicators

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

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

Should You Invest in Diamond and Jewellery Stocks?

Investing in diamond and jewellery stocks is a long-term commitment. Indian jewellery stocks can be appealing for those looking for long-term growth, particularly with rising incomes and cultural significance in the region.

Consider factors like cash flow and earnings per share (EPS) before investing.

Researching the top jewellery stocks in India is important for building a diversified portfolio. You can also navigate your investment journey with the best jewellery stocks more conveniently.

Conclusion

In conclusion, investing in diamond and jewellery stocks in India provides a blend of stability and growth. Rising income levels, strong demand during festivals, and global recognition of Indian jewellery brands keep this sector thriving.

Companies like Titan, Kalyan Jewellers, and Rajesh Exports show good performance and future potential. This makes jewellery stocks a valuable addition to a well-rounded investment portfolio.

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