Best Jewellery Stocks in India

(The stocks mentioned in the blog are as per Market Capitalisation)

Diamonds and jewellery have long symbolised power, success and prestige, particularly for Indian women, providing not only social status but also economic security. Their importance cannot be overstated.

The gems and jewellery industry is one of the oldest and most vital sectors, playing a significant role in both the nation's economy and international trade. With its renowned expertise in jewellery craftsmanship, India has risen as a global centre for manufacturing, processing and exporting gems and jewellery.

Diamond and Jewellery Industry in India - A Brief Overview

The gems and jewellery sector plays a significant role in India's economy, accounting for about 7% of the country's GDP and 15% of its total exports. It also provides jobs for over 4.64 million people. The government sees this sector as crucial for boosting exports and has taken various steps to encourage investment, improve technology and enhance skills to promote Indian brands internationally.

India is a major player in diamond cutting and polishing. The government has supported the industry with favourable policies. According to the Gems and Jewellery Export Promotion Council (GJEPC), India exports about 75% of the world's polished diamonds, contributing significantly to the country's foreign exchange earnings. The Indian government allows 100% Foreign Direct Investment (FDI) in the sector, making it attractive for foreign investors. 

The Indian jewellery industry is anticipated to grow at a 4.02% CAGR (compound annual growth rate), reaching $91.95 billion by 2032. The organised retail segment is poised to grow by 14-16% in revenues (FY26), while the industry remains resilient in 2026, driven majorly by strong rural demand and weddings, among other reasons.

There are other factors, such as the growing demand for ethical sourcing and sustainable jewellery practices, as well as fusion and mixed-metal designs that combine silver, gold and antique finishes. There is anticipation of a $150 billion market for Indian jewellery by 2033, with positive momentum in H1 FY2025-26 and moderate growth in polished and cut diamonds.

Exports also touched $20.75 billion by December, 2025. For January 2025, the figures stood at $85 billion for gems and jewellery, while the anticipated CAGR for artificial jewellery is 11.4% from 2025 to 2029. 

Top Diamond and Jewellery Stocks in India in 2026 as per Market Capitalisation

Here is a table outlining the top jewellery stocks in India as per market capitalisation: 

*Our stock selection criteria for top stocks based on Market Capitalisation are mentioned at the bottom of this blog.

Overview of Best Diamond and Jewellery Stocks as per Market Capitalisation

Here is an overview of the diamond & jewellery sector stocks in India as per analyst ratings and market capitalisation:

1) Titan Company

Titan Company was established as a joint venture of the Tamil Nadu Industrial Development Corporation (TIDCO) and the Tata Group. The company manufactures and sells a range of lifestyle products and accessories, including jewellery, watches, eyewear, and more.

Its jewellery segment brands include Mia, Tanishq, CartLane and Zoya. The watches and wearable segment brands include Fastrack, Sonata, Zoop, Octane, Helios, Nebula, Xylys and more. 

Titan Company also offers products across other segments, including fragrances, Indian dresswear, accessories, defence, aerospace, and more. The company’s subsidiaries include Titan Commodity Trading Limited, Favre Leuba AG, Titan Engineering & Automation Limited, CaratLane Trading Private Limited, TCL North America Inc. and others. It has expanded its network with more than 2,000 stores. 

2) Kalyan Jewellers India

Founded in 1993, Kalyan Jewellers India Limited is an Indian jewellery retailer that sells a range of jewellery products, including diamonds, gemstones, pearls, platinum, and gold. It provides a wide range of rings, chains, necklaces, earrings, bangles, bracelets and more. Anokhi, Mudhra, Laya, Glo, Vedha, Apoorva, Candere, Hera and Rang are some of the popular brands that collaborate with Kalyan Jewellers India. 

Furthermore, the company offers services such as jewellery purchase schemes, gold insurance, etc. With over 316 stores in India and the Middle East, it also provides tips and education on buying gold. Kalyan Jewellers’ subsidiaries include Kalyan Jewellers LLC and Kalyan Jewellers FZE.

3) Thanga Mayil Jewellery

Thanga Mayil Jewellery Limited, a leading jewellery retailer in Tamil Nadu, sells diamond, gold, and platinum jewellery. It offers a wide range of ornaments, including gold chains, waist belts, bangles, ear studs, nose rings, finger rings, necklaces, kasu malai, bracelets, and more, catering to various customer preferences. Additionally, the company also crafts custom-made ornaments to meet specific requests, manufactured at their unit near Madurai. 

Furthermore, it sources ready-made gold jewels from dealers in Gujarat, Andhra Pradesh, West Bengal, and Kerala to match market trends. Thanga Mayil Jewellery Limited pioneered Hallmarking in Madurai and conducted awareness campaigns to educate customers about its importance. 

4) International Gemmological Institute India Ltd. 

The International Gemmological Institute (IGI) Ltd. is a globally renowned organisation that offers accreditation and certification for coloured stones, diamonds, and jewellery. Founded in 1975, it has steadily grown into the second-largest independent certification laboratory in the world, occupying a dominant position in the rapidly expanding LGD (laboratory-grown diamond) market. The company was converted into a public limited company in July 2024, with its headquarters in Mumbai. The parent company is Blackstone Group, which acquired the entity in May 2023. 

It has a 69% market share in the global LGD certification category and a 50% market share in the Indian studded jewellery, diamond, and coloured stone certification industry. The company has 31 laboratories throughout 10 countries and 18 gemology schools in 6 countries. In CY24, its revenues stood at ₹1,053 crore, while net profits were approximately ₹427 crore. The company has posted a 21.13% CAGR in revenue over the last four years, while its return on equity (ROE) has ranged from 32.5% to 54.4%. In CY24, the company issued 10.5 million reports, posting growth of 26% (year-on-year). 

5) P N Gadgil

P N Gadgil Jewellers Ltd (PNG Jewellers) is a well-known and famous jewellery brand in India, founded by Ganesh Narayan Gadgil in 1832. It has a rich legacy in Maharashtra, a focus on diamonds, gold, and gems, and a rapidly expanding retail presence. The company is also targeting higher growth in Uttar Pradesh and Madhya Pradesh, aiming to establish 20-25 new stores in 2026 itself. The brand retails platinum, diamond, and gold jewellery, as well as precious stone jewellery, with its headquarters in Pune. It became a public limited company in 2023 and has an extensive presence across several states, including Jharkhand, UP, MP, Bihar, and Chhattisgarh. 

The company also posted record revenues of more than ₹1,050 crore as of October, 2024, with transaction volumes increasing by 21%. The company held around ₹1,800 crore in inventory as of December, 2024. It has a team of 500 skilled craftsmen and 1,000+ professionals. 

Factors to Consider Before Investing in Diamond and Jewellery Stocks in India

The following are some crucial factors you need to consider before buying top jewellery stocks in India:

• Regulatory Environment

You must understand that various industry regulations governing manufacturing and mining can affect the operational costs of the jewellery-making segment.

Changes in these regulations can impact the financial performance and stock prices of diamond and jewellery companies.

• Price Fluctuations

The prices of gold, silver, and diamonds are subject to fluctuations due to various factors, such as changes in economic conditions, consumer preferences, and more. Therefore, you should keep track of these factors to decide when to buy or sell these stocks.

• Company’s Health

Examine the company’s financial health by checking its revenue growth, debt levels, profitability and more. You should invest in companies with strong brand recognition and a positive reputation. 

• Constraints in Supply

Various factors, such as product disruption, declining diamond production, and political instability, influence the diamond and jewellery market. This can ultimately lead to disruption in supply chain management. 

Should You Invest in Diamond and Jewellery Stocks?

If you are considering investing in diamond and jewellery stocks, it is important to be aware of the industry's challenges and risks.

The diamond and jewellery sector faces hurdles such as staying abreast of fashion trends, managing complex supply chains, and continuously innovating designs to remain competitive. Moreover, the industry is sensitive to economic fluctuations, which can affect consumer spending on luxury items such as jewellery. 

Additionally, the industry's dependence on precious metals and gemstones exposes it to commodity price risks, while concerns about counterfeiting and growing environmental awareness add further complexity. Before making investment decisions, carefully evaluate these factors and consider the financial health and prospects of diamond and jewellery stocks.

The Bottom Line 

If you are looking for long-term growth opportunities in India, investing in jewellery stocks can be a good choice, but remember, it comes with risks, too. Thus, conducting thorough research and seeking guidance from a financial advisor before making any investment decisions is crucial. It ensures that you make informed choices aligned with your financial goals and risk tolerance.