Best Jewellery Stocks in India

In this article, we will discuss

Best Jewellery Stocks in India

Jewellery and precious metals like gold and silver have always been held in high regard in India. For centuries, they have been an intrinsic part of the nation's heritage and social fabric. With the recent rise in gold and silver prices, jewellery stocks are currently in the spotlight.

Given the industry’s potential for growth, investing in these stocks can be a good opportunity for long-term wealth creation. In this article, we shall look at some of the top gold and diamond jewellery stocks that you can consider investing in 2024.

An Overview of the Indian Diamond and Jewellery Industry

India's diamond and jewellery industry accounts for a substantial share of global production and exports. Around 90% of the diamonds, in terms of volume, in the entire world are processed here in the country. The total value of exports of gems and jewellery during the period from April 2023 to January 2024 was $26.35 billion.

From mining, cutting, polishing, manufacturing and retailing of diamonds and jewellery, the industry is capable of meeting varied needs. According to estimates, the domestic demand for the diamond and jewellery industry will likely increase from $70 billion in 2023 to $124 billion by 2027. Increased urbanisation, rising disposable income and strong cultural significance are some of the possible key drivers of this growth.

A string of government initiatives such as a Free Trade Agreement (FTA) with the United Arab Emirates (UAE), reduction in customs duty on diamonds and gemstones and revision in the Special Economic Zone (SEZ) act are also likely to positively impact the growth of the industry.

The Best Diamond and Jewellery Stocks in India in 2024

Choosing the right jewellery stock can be very challenging, especially with more than 40 companies in the industry competing with each other. To help you make a well-informed investment decision, we have listed the top 10 gold and diamond jewellery stocks you can consider investing in 2024 along with their key financial metrics.


Market Cap
(₹ crore)

P/E Ratio

P/B Ratio


3-Year Revenue
CAGR (%)


Titan Company Limited







Kalyan Jewellers Limited







Rajesh Exports Limited







Senco Gold Limited







Vaibhav Global Limited







Thangamayil Jewellery Limited







Goldiam International Limited







Motisons Jewellers Limited







Tribhovandas Bhimji Zaveri Limited







RBZ Jewellers Limited







Note: All of the values in the table are valid as of May 17, 2024.

  • Titan Company Limited

Titan Company Limited started its operations in 1984 as a joint venture between the Tamil Nadu Industrial Development Corporation (TIDCO) and the Tata Group of Companies. Although the company began by transforming the watch industry, it slowly gained prominence in the jewellery sector as well with the launch of Tanishq.

The company also caters to the luxury and fast-fashion jewellery segments with Zoya, Mia and Caratlane. Titan Company Limited has recently forayed into the U.S. market with the launch of Tanishq branded jewellery in the country. An extensive retail network, innovative designs that cater to both contemporary and traditional tastes and strong brand equity are some of the major strengths of the company.

  • Kalyan Jewellers Limited

A prominent player in the Indian jewellery market with strong market capitalisation, Kalyan Jewellers Limited is well-known for its extensive collection of exquisite gold, silver, platinum and diamond jewellery. The company has a strong regional presence in the southern part of the country and is aggressively expanding to other regions in India and abroad, especially the Middle East.

With a robust network of more than 130 showrooms, combined with traditional jewellery collections and a strong brand portfolio, the company aims to capture a large piece of the country’s jewellery market. Some of the major brands owned by the company include Mudhra, Anokhi, Ziah, Glo and Candere, each catering to a different set of audiences.

  • Rajesh Exports Limited

Rajesh Exports Limited is one of the first companies in India to have established an organised gold jewellery manufacturing unit in the country. The company also has the distinction of setting up the first-ever dedicated research and development facility in India as well. A major competitive advantage that Rajesh Exports has over others in the industry is that it operates across the entire value chain, from refining gold to retailing jewellery.

The company currently has around 82 jewellery showrooms under the name of SHUBH Jewellers in the state of Karnataka. It also plans to slowly expand its retail presence and further invest in technology, making it one of the best jewellery stocks in India.

  • Senco Gold Limited

One of the leading jewellery retailers in Eastern India, Senco Gold Limited is quite popular for its exquisite craftsmanship and diverse product range. Catering primarily to the affordable luxury segment of the jewellery industry, the company focus on traditional designs made by skilled Bengali Karigars.

Senco Gold has a total of 159 stores in India, with the most number of them concentrated in the Northern and Eastern regions of the country. The company plans to expand its retail network and foray into new markets, especially in the southern region, which presents significant growth opportunities. In addition to retailing jewellery through their stores, Senco Gold also sells them online through their dedicated e-commerce portal.

  • Vaibhav Global Limited

Vaibhav Global Limited was first set up in 1989 as Vaibhav Gems Limited in Rajasthan. The company started its operations as an exporter of gemstones and studded jewellery. However, Vaibhav Global Limited set up its very own retail store in Alaska in 2005. In just a couple of years, the company ramped the number of stores up to 19, with most of them being around popular holiday destinations in the Caribbean and Mexico.

Through a successful acquisition of Mindful Souls B.V., the company forayed into the e-commerce jewellery segment. Currently, it sells a wide range of lifestyle accessories and fashion jewellery online in the U.K. and the U.S.

  • Thangamayil Jewellery Limited

Thangamayil Jewellery Limited is one of the largest retail jewellery chains in Southern India. The company focuses primarily on providing access to affordable gold jewellery to Tier II and Tier III cities in Tamil Nadu and other southern states. The flagship store of Thangamayil Jewellery is located in the heart of Madurai, which also houses the company’s manufacturing unit.

The company also offers several gold savings schemes designed to suit the specific needs of various demographics. Currently, Thangamayil Jewellery Limited has a total of 58 showrooms out of which 10 showrooms retail exclusively in silver jewellery and other silver-related ornaments. In addition to providing a stellar offline jewellery purchasing experience, the company also allows users to purchase jewellery online through their website.

  • Goldiam International Limited

One of the most popular diamond jewellery stocks in India, Goldiam International Limited is a leading manufacturer and exporter of diamond-studded gold jewellery. The company has a strong presence in international markets, particularly in Europe and the USA. It even has a dedicated sales office in New York and design teams in both the USA and India. The primary target clientele of Goldiam International is the mid-to-affordable segment.

The company has recently ventured into the lab-grown diamond jewellery segment and is confident that it will lead to exponential growth in the future. A major advantage of Goldiam International over other jewellery stocks in India is the company’s net-debt-free position, which it has maintained consistently year-over-year.

  • Motisons Jewellers Limited

Based out of Jaipur, Motisons Jewellers Limited is a well-established jewellery retailer in India, known for its extensive collection of gold and diamond jewellery. Established in 1998 as a jewellery retailer, the company has evolved significantly and is now capable of also designing and manufacturing its very own products.

Motisons Jewellers Limited has consistently shown steady growth, supported by its strong regional presence and unwavering customer loyalty. The company's focus on quality and design has been a key driver of its success. Motisons Jewellers currently has four stores that it owns and operates in and around the city of Jaipur.

  • Tribhovandas Bhimji Zaveri Limited

An attractive small-cap stock in the populated Jewellery industry in India, Tribhovandas Bhimji Zaveri (TBZ) Limited is one of India's oldest and most respected jewellery brands, known for its exquisite designs and craftsmanship. The company's focus on traditional and contemporary designs has resonated well with customers, leading it to build strong brand equity.

With over 158 years of experience in the jewellery-making field, TBZ Limited currently has stores all across the country. The company also plans to expand its retail presence and invest in digital marketing, which can drive its growth in the future.

  • RBZ Jewellers Limited

Another fast-growing small-cap stock in the Indian Jewellery industry, RBZ Jewellers Limited is one of the leading entities specialising in handcrafted antique jewellery. In addition to designing, manufacturing and selling its products wholesale to other retailers across the country, the company also has its own retail showroom under the ‘Harit Zaveri’ brand in Ahmedabad.

Established very recently in 2008, RBZ Jewellers Limited has quickly risen to prominence owing to its complete control over the entire value chain. The company’s exclusive manufacturing facility is located in Ahmedabad, where more than 180 employees including skilled artisans meticulously craft a wide range of gold, diamond and Polki jewellery.

Things to Keep in Mind Before Investing in Jewellery Stocks

Although investing in jewellery stocks can be rewarding, especially in the long term, it also comes with a fair share of challenges. As a prospective investor, here are three aspects you should consider when investing in jewellery stocks in India.

  • Volatility

The price of precious metals like gold and silver tend to fluctuate constantly. This can significantly impact the revenue and profitability of jewellery makers. It is advisable to thoroughly analyse the forces of demand and supply, global economic conditions and other factors that can influence precious metal prices before investing.

  • Government Regulations

Any change in the regulatory environment surrounding the jewellery industry may also impact the performance of the companies. Therefore, you must it is important to stay updated on changes to import duties, GST rates and hallmarking standards.

  • Competitive Landscape

The Indian jewellery industry consists of more than 40 listed entities and several other non-listed and small-scale companies. This makes it one of the most competitive industries in the country. When analysing potential investment opportunities, you must ensure that you also consider the companies’ competitive positioning, brand strength and market share. This is because companies with strong brand equity and a loyal customer base are usually better positioned to excel in the long run.


Driven by favourable economic trends and a strong culture that reveres precious metals, the Indian diamond and jewellery industry offers a plethora of exciting investment opportunities. However, before you proceed to invest in any jewellery stock, you must first ensure that you conduct thorough research into the company’s fundamentals, strengths and risks. Also, you must carefully consider market dynamics and stay informed about the various industry trends to effectively capitalise on the growth potential of the country’s burgeoning jewellery industry.

Disclaimer: INVESTMENT IN SECURITIES MARKET ARE SUBJECT TO MARKET RISKS, READ ALL THE RELATED DOCUMENTS CAREFULLY BEFORE INVESTING. The asset classes and securities quoted in the film are exemplary and are not recommendatory. SAMCO Securities Limited (Formerly known as Samruddhi Stock Brokers Limited): BSE: 935 | NSE: 12135 | MSEI- 31600 | SEBI Reg. No.: INZ000002535 | AMFI Reg. No. 120121 | Depository Participant: CDSL: IN-DP-CDSL-443-2008 CIN No.: U67120MH2004PLC146183 | SAMCO Commodities Limited (Formerly known as Samruddhi Tradecom India Limited) | MCX- 55190 | SEBI Reg. No.: INZ000013932 Registered Address: Samco Securities Limited, 1004 - A, 10th Floor, Naman Midtown - A Wing, Senapati Bapat Marg, Prabhadevi, Mumbai - 400 013, Maharashtra, India. For any complaints Email - Research Analysts -SEBI Reg.No.-INHO0O0005847

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