A World Gold Council survey claimed that 11% of the world’s gold reserve is held by Indian women. Apart from actual jewellery, a prominent investment method is diamond shares and jewellery stocks.
Jewellery often carry making charges, which have to be paid at the time of purchase, but they are not payable when the jewellery is resold. Diamond shares or jewellery stocks, on the other hand, don’t carry the making charges. Hence, jewellery stocks enable investors to participate in the momentum of this industry without the burden of making charges.
This blog gives a complete breakdown of the five best jewellery stocks in India.
A look at the jewellery industry of India
As of April 2025, approximately 7% of the Indian GDP can be associated with the gold and diamond trade. The government has implemented a number of initiatives to encourage investment and modernise technology and expertise for the advancement of the “Brand India” in the global marketplace.
A 100% FDI in the industry has been approved by the government under the automatic method, which exempts Indian companies and foreign investors from requiring Reserve Bank and Indian government permission before foreign investment.
The Indian diamond jewellery market is anticipated to witness historic growth to USD 17 billion by 2031. Additionally, after the Comprehensive Economic Partnership Agreement with the UAE, the Gems Jewellery Export Promotion Council of India hopes to increase its exports to the United Arab Emirates by threefold.
Also read: Trump’s 27% Tariff on Indian Exports – who gains and who loses?
Stock comparison of the top jewellery stocks and diamond shares
Listed below are the best companies in this industry based on market capitalisation as of 10th April 2025.
| Company Name | Market Capitalisation (₹ Cr.) | P/E | 1 Year Return (%) | NPM Quater (%) |
| Titan Company Ltd. | 281796.64 | 87.05 | -14.47 | 5.90 |
| Kalyan Jewellers Ltd. | 50958.06 | 76.74 | 18.21 | 3.00 |
| PC Jeweller Ltd. | 8503.37 | 23.54 | 137.66 | 23.14 |
| P.N. Gandgil Jewellers Ltd. | 7092.12 | 34.24 | – | 3.54 |
| Thangamayil Jewellery Ltd. | 5919.42 | 51.23 | 51.45 | 4.26 |
5 best jewellery stocks in India- Company overview
Listed below is a detailed breakdown of the top companies engaged in the jewellery industry based on market capitalisation as of 10th April 2025.
- Titan Company Ltd.
Established in 1984, the company produces watches, jewellery and eyewear. The Titan Company Ltd. is the flagbearer of the Indian lifestyle companies. It is engaged in multiple corporate social responsibility projects. With more than 8000 employees and 2000 retail stores, the company enjoys a massive scale. The company owns multiple awards and accolades, including best direct marketing, precision engineering, etc.
The table below compares the financial performance of the company for December 2024 and December 2023 Quarter.
| Particular | December 2023 (₹ Crore) | December 2024 (₹ Crore) | Change (%) |
| Revenue (sales) | 14,164 | 17,740 | 25.25 |
| Operating Profit | 1,565 | 1,674 | 6.96 |
| Net Profit | 1,053 | 1,047 | -0.56 |
| EPS (₹) | 11.86 | 11.79 | -0.0059 |
- Kalyan Jewellers Ltd.
Established by the Kalyanaraman family, the legacy behind this company dates back to early 1908. Kalyan Jewellers boasts of its ethical and transparent business model. Today, with more than 150 stores, the business has flourished not only across India but also across the Middle East. Kalyan has also fostered celebrities like Amitabh Bachchan and Katrina Kaif as brand ambassadors.
The table below compares the financial performance of the company for December 2024 and December 2023 Quarter.
| Particular | December 2023 (₹ Crore) | December 2024 (₹ Crore) | Change (%) |
| Revenue (sales) | 5,223 | 7,287 | 39.52 |
| Operating Profit | 370 | 439 | 18.65 |
| Net Profit | 180 | 219 | 21.67 |
| EPS (₹) | 1.75 | 2.12 | 21.14 |
- PC Jeweller Ltd.
Established in Karol Bagh in 2005, this company has now expanded to over 42 cities in 14 states. The product range of PC Jeweller ranges from stunning wedding pieces to affordable wearables. The business strategy of the company is to establish big-scale, standalone showrooms in prominent places.
The table below compares the financial performance of the company for December 2024 and December 2023 Quarter.
| Particular | December 2023 (₹ Crore) | December 2024 (₹ Crore) | Change (%) |
| Revenue (sales) | 40 | 639 | 1497.50 |
| Operating Profit | -73 | 112 | 253.42 |
| Net Profit | -198 | 148 | 174.75 |
| EPS (₹) | -0.43 | 0.25 | 158.14 |
- P.N. Gadgil Jewellers Ltd.
This company dates back to the 18th century. The company was named after Purshottam Narayan Gadgil, the erstwhile patriarch of the family who pioneered some unique jewellery designs and ethics. The company launched its IPO on 10th September 2024. The table shows the listing details.
| Particulars | Subscription rate |
| Qualified Institutional Buyers | 136.85x |
| Retail Individual Investor | 16.58x |
| Non-Instituional Investor | 56.09x |
The table below compares the financial performance of the company for December 2024 and December 2023 Quarter.
| Particular | December 2023 (₹ Crore) | December 2024 (₹ Crore) | Change (%) |
| Revenue (sales) | 1,939 | 2,407 | 24.14 |
| Operating Profit | 92 | 120 | 30.43 |
| Net Profit | 57 | 85 | 49.12 |
| EPS (₹) | 10.34 | 6.28 | -39.26 |
- Thangamayil Jewellery Ltd.
The company was established under this name in 2000. The company saw exponential growth after 2007, after it transitioned into a public listed company. In 2010, it issued equity shares that were listed on the National Stock Exchange Limited (NSE) and the Bombay Stock Exchange Limited (BSE), both in Mumbai. Currently operating 58 locations throughout Tamil Nadu, the firm hopes to increase its market share in this cutthroat industry.
The table below compares the financial performance of the company for December 2024 and December 2023 Quarter.
| Particular | December 2023 (₹ Crore) | December 2024 (₹ Crore) | Change (%) |
| Revenue (sales) | 896 | 1,132 | 26.34 |
| Operating Profit | 51 | 83 | 62.75 |
| Net Profit | 28 | 48 | 71.43 |
| EPS (₹) | 9.00 | 15.50 | 72.22 |
Also read: Income Tax Rules for Selling Gold, Diamonds, Silver, and Other Jewelry
Factors to consider before investing in the best jewellery stocks
Every investor and trader wants to take a holistic approach to investing and trading. Therefore, before choosing the top jewellery stocks and diamond shares, it is important to understand the parameters that must be considered for judging the profitability of a stock.
- Brand recognition
Jewellery made of precious stones and metals like gold and diamonds are often bought from recognised brands due to their trustworthiness. Therefore, jewellery stocks which are established household names attract a greater profit.
- Global prices
The prices of precious stones and metals fluctuate. A diverse product mix might equilise for falling product price of one category with rising or stable prices of another.
The analysis of a company’s financial health is called fundamental analysis. Whereas the analysis of a stock performance is called technical analysis. Proper fundamental and technical analysis is necessary for optimum jewellery stock choice.
- Economic trends
The domestic macro and microeconomic conditions impact the performance of the best jewellery stocks and diamond shares. For instance, during inflation, a rise in prices can lead to a fall in demand, resulting in poor profits.
- Regulatory sentiment
Government support is essential for the growth of an industry. It directly impacts the stock market performance.
Also read: Why Gold Investment Makes Financial Sense
Bottomline
Precious metals and stone jewellery have always been close to Indians. One of the ways to participate in this industry’s substantial rise is through the stocks. However, like any other stocks, diamond shares and jewellery stocks are also subject to market risk.
Moreover, the global and country-specific fluctuations of gold and diamond prices also add to the marketplace fluctuation of stocks. Therefore, it is essential to understand the input price trends along with the technical and fundamental analysis of stocks for optimum stock market investment.
A company’s commitment to sustainability should also be considered because such commitments help get government support and a favourable customer attitude.
FAQs
- Which stocks will boom in 2025 India?
Pinpointing a particular share might be too speculative. The stock market is prone to fluctuations and uncertainty. Meanwhile, stocks of industries like IT, EV and sustainability might stay on track due to their close connection with the future. These industries solve the problems of the future, and thus, the companies are expected to play a substantial role in the upcoming years. Some of these even face a lot of government support due to their future-oriented nature.
- Which diamond stock is the best?
Based on market capitalisation as of 10th April 2025, Titan Company Ltd. dominate the largest chunk of the Indian jewellery market. Other TATA product lines like Mia by Tanishq focus primarily on diamonds and soliatires. As the Indian diamond industry is expected to grow to USD 17 billion by 2031, established businesses like Titan and Tanishq might benefit.
- Which jewellery stock is best for the long term?
The top three jewellery stocks based on market capitalisation as of 10th April 2025 are Titan Company Ltd., Kalyan Jewellers Ltd. and PC Jeweller Ltd. These companies have become household names in the Indian market, which is essential to acquiring and sustaining a customer base. Brand recognition is key to customer retention in this industry due to the heavy product price.
- Who is the king of the diamond market?
Sanjiv Dhanji Dholakia is often termed the king of the diamond market. He is the chairman and founder of the diamond production and exporting business Hari Krishna Exports. In 2022, he received the Padma Shri. The business is involved in diamond purchasing, cutting, polishing, and exporting. As of 2014, it had expanded to employ more than 9,000 people and was well-known in the global diamond industry.
- What is an artificial diamond?
Artificial diamonds, often referred to as lab-grown or synthetic diamonds, are made in a lab environment using techniques that replicate the creation process of real diamonds. The end product is a stone that is chemically, physically, and optically similar to a genuine diamond. Lab-grown diamonds are a good substitute for genuine diamonds since they are often less expensive.
