Jewellery Stocks in India to Watch in 2025: Hidden Gems of the Stock Market

Jewellery Stocks in India-Comprehensive Analysis 

Jewellery Stocks In India is one of the economically robust industries which also holds cultural significance in India. It is forecasted that this jewellery segment would reach up to USD 100 billion by 2025. This blog analyses top jewellery stocks in India in 2025, their performance and the outlook for investments.

Market Overview and Size

The Indian jewellery market is demonstrating remarkable strength and stability and growing at a CAGR of 8.93%. India being the second largest consumer of gold contributes approximately 7% to India's GDP. India also exports about 75% of the world's polished diamonds.

 

Best Jewellery Stocks In India

Jewellery Stocks In India are dominated by a number of major players each having unique business models and market positions:

 

 

Titan Company Ltd.

Titan is still the unchallenged market leader among jewellery stocks in India  with a dominant market share in watches, jewellery, and eyewear categories. The company posted impressive Q4 FY25 results with 22% YoY increase in total income at Rs.12,730 crores. In spite of encountering headwinds due to high gold prices impacting consumer attitudes, Titan's jewellery segment (Tanishq, Mia, Zoya) expanded by 25% in Q4 FY25. The stock has premium valuation with PE of 89.96x, indicating investors' trust in its market leadership. Technical exhibit mixed indicators with bearish momentum in the near term but robust long-term fundamentals. The company shows a healthy ROE of 28.70% and ROCE of 19.14%, and the analysts are expecting share price targets of Rs.3,850-4,000 in 2025.

Kalyan Jewellers India Ltd.

Kalyan Jewellers has become a solid second player with great growth story. The company delivered outstanding Q4 FY25 performance with revenue of Rs.5,350 crores, up 38% YoY, and consolidated revenue of Rs.6,182 crores. Its aggressive expansion plan with 175 showrooms of which 103 are company-owned stores has driven sustained growth. Q1 FY26 demonstrated sustained momentum with 31% revenue expansion. The stock is at high valuations with PE of 84.55x, which reflects expectations of growth. Financial parameters indicate robust performance with ROE of 15.9% and ROCE of 14.3%. The firm experiences sharp cash conversion cycle improvement from 98.1 days to 74.1 days. Analysts estimate intrinsic value at Rs.92, indicating present overvaluation.

PC Jeweller Ltd.

PC Jeweller has demonstrated strong comeback from earlier woes, with stocks giving 154% returns in the last year. The firm posted strong FY25 turnaround with consolidated profit of Rs.577.70 crores against last year's loss of Rs.629.36 crores. Revenue jumped 270.8% to Rs.2,244.60 crores in FY25. The firm has managed to lower bank debt by more than 50% in FY24-25 and aims at becoming debt-free by FY26. Latest quarterly performance indicates Q1 FY26 standalone revenue of nearly 80% YoY increase. The stock is available at reasonable valuations with PE of 19.16x, which is attractive when compared to industry peers. Technical indicate mildly bullish trend with weekly MACD indicating positive outlook.

Vaibhav Global Ltd.

Vaibhav Global has a distinctive business model with international market orientation, i.e., US and UK, in jewellery and lifestyle items. Vaibhav Global has shown steady growth with the net sales in March 2025 standing at Rs.3,379.58 crores, up from Rs.3,040.96 crores in March 2024. Though the revenue has grown, the company has problems with weak 5-year sales growth of 11.2% and low ROE of 11.7%. The stock is quoting 2.94 times book value, reflecting premium valuation. Recent trend depicts mixed messages with 15.4% quarter-on-quarter revenue growth but falling profit margins. The gold jewellery company pays healthy dividend of 79.0% and has been cutting debt. Analysts expect share price targets of Rs.280-285 for 2025.

Goldiam International Ltd.

Goldiam International is engaged in cutting and polishing of diamonds with robust export operations. Goldiam International achieved Q4 FY25 net profit of Rs.23.12 crores, up by 30.7% YoY. The revenue for the quarter was Rs.199 crores, registering 29% growth. The company has posted stunning 5-year CAGR of 295.21% in market cap. Financials indicate robust performance with net profit margin of 11.67% and ROE of 17.08%. The stock has gained 88.2% in the past year, reflecting strong investor interest. The company maintains almost debt-free status and healthy dividend payout of 19.4%. However, analysts suggest the stock is overvalued with intrinsic value estimated at Rs.60.97 against current price.

Key Investment Considerations

Each of the five stocks has good fundamentals but is trading at premium valuations. Market presence and growth are best led by Titan and Kalyan Jewellers, with PC Jeweller providing turnaround opportunities at good valuations. Vaibhav Global gives international exposure but growth concerns, and Goldiam International gives niche processing skills in diamonds with good export potential.

Sector Outlook 2025

Drivers of Growth

The significant growth drivers of the jewellery stocks in India are

• Increase in Disposable Income: India's widening middle income class and rising disposable income influence the consistent demand for jewellery.

• Cultural Aspects: Jewellery is strongly rooted in Indian culture, with weddings contributing to about 50% of overall demand.

• Festival Demand: Festivals such as Diwali, Akshaya Tritiya, and local festivities influence seasonal demand bursts.

• Organized Retail Growth: Market share transitions from unorganized to organized players which favors well-established brands.

• Digital Transformation: E-commerce adoption and digital campaigns increase customer reach and engagement.

Market Trends

The major market trends observed in jewellery industries are

• Lightweight Jewellery: Increased preference for everyday wear and lightweight designs by newer consumers.

• Lab-Grown Diamonds: Wider acceptance of lab-grown diamonds.

• Customization: Increased demand for customized jewellery designs.

• Sustainable Practices: Increased importance on sustainable manufacturing and ethical sourcing.

Benefits of Investment in Jewellery Stocks in India

• Cultural Demand: The demand for jewelleries among Indians is strongly culture inspired.

• Inflation Hedge: Gold jewellery acts as a hedge against inflation and currency devaluation.

• Diversification: Portfolio diversification in jewellery sector benefits with low correlation to other sectors.

• Export Potential: Potential for robust exports, specifically diamonds and gold jewellery.

• Government Support: Promising policies like the decrease in gold import duty from 15% to 6%.

• Liquidity: investment in jewellery stocks in India is highly  liquid than physical gold.

• Dividend Income: Unlike physical gold, jewellery stocks in India have the potential to yield dividend returns.

Disadvantages of Investment in Jewellery Stocks in India

• Gold Price Volatility: High correlation of gold price with volatile gold prices impacting margins and demand.

• Working Capital Intensive: High inventory requirement strains cash flows.

• Regulatory Risks: Open to price fluctuations due to import duty and government policies.

• Economic Sensitivity: Jewellery segment is vulnerable to economic slowdowns.

Conclusion

The Indian jewellery market in 2025 is a very promising investment opportunity, driven by cultural heritage, rising discretionary incomes, and growth in organized retail. Even though the industry faces volatile gold prices and high premium valuations, mature brands with strong operations are likely to grow. With the market size projected to hit USD100 billion this year and a 2030 target of USD168 billion, investors can access India's consumption narrative. By investing with Enrich Money, individuals can invest in a diversified portfolio, navigating strategically both the opportunities and risks of this fast-paced and evolving market.

Frequently Asked Questions

What are the top jewellery stocks in India for 2025?

Titan Company, Kalyan Jewellers, PC Jeweller, Vaibhav Global, and Goldiam International are some of the top jewellery stocks in India to consider in 2025.

 

Why is growth taking place in the Indian jewellery market?

Growth is driven by cultural relevance, increased disposable incomes, and growth in organized retail.

 

What is the size of the Indian jewellery market likely to be in 2025?

The market is expected to stand at approximately USD 100 billion in 2025.

 

What are the principal risks of investing in jewellery stocks in India?

Gold price fluctuation, high valuations, and stiff competition from organized and unorganized players are key risks.

 

How can investors gain from this sector's growth?

Investors can create diversified portfolios in jewellery stocks in India using Enrich Money to avail themselves of sector opportunities.

 

Disclaimer:  This blog is dedicated exclusively for educational purposes. Please note that the securities and investments mentioned here are provided for informative purposes only and should not be construed as recommendations. Kindly ensure thorough research prior to making any investment decisions. Participation in the securities market carries inherent risks, and it's important to carefully review all associated documents before committing to investments. Please be aware that the attainment of investment objectives is not guaranteed. It's important to note that the past performance of securities and instruments does not reliably predict future performance.