Jewellery Stocks and Companies in India

The largest Jewellery stocks in India by market value are Titan (₹4.44 lakh crore), Kalyan Jewellers (₹61,010 crore) and PC Jeweller (₹15,466 crore), at prices of 6 Nov 2026.

• Titan: ₹5,000 | market value ₹4.44 lakh crore | P/E 76.1
• Kalyan Jewellers: ₹590.75 | market value ₹61,010 crore | P/E 41.8
• PC Jeweller: ₹15.77 | market value ₹15,466 crore | P/E 17.2
• Sky Gold & Diamonds: ₹951.95 | market value ₹14,728 crore | P/E 36.7
• Thangamayil Jewellery: ₹4,148.20 | market value ₹12,893 crore | P/E 32.9
• Bluestone Jewellery & Lifestyle: ₹710.85 | market value ₹10,867 crore | P/E 103.7
• P N Gadgil Jewellers: ₹589.60 | market value ₹8,679 crore | P/E 17.7
• Senco Gold: ₹320.55 | market value ₹5,254 crore | P/E 9.2
• D.P. Abhushan: ₹1,934.70 | market value ₹4,398 crore | P/E 18.4
• Tribhovandas Bhimji Zaveri: ₹592.70 | market value ₹3,955 crore | P/E 20.1

The other 18 Jewellery companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

The largest 15 of 28 listed Indian Diamond, Gems & Jewellery companies are named here; all 28 are ranked in the scorecard. This is the set of companies people mean when they search for a Nifty Diamond, Gems & Jewellery index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Titan Company Ltd₹3.9 lakh cr
2. Kalyan Jewellers India Ltd₹51,400 cr
3. PC Jeweller Ltd₹15,200 cr
4. Sky Gold & Diamonds Ltd₹14,700 cr
5. Thangamayil Jewellery Ltd₹13,800 cr
6. Bluestone Jewellery & Lifestyle Ltd₹10,300 cr
7. P N Gadgil Jewellers Ltd₹8,220 cr
8. Senco Gold Ltd₹4,800 cr
9. D.P. Abhushan Ltd₹4,550 cr
10. Tribhovandas Bhimji Zaveri Ltd₹4,060 cr
11. Shringar House of Mangalsutra Ltd₹3,010 cr
12. Vaibhav Global Ltd₹2,630 cr
13. Shanti Gold International Ltd₹2,270 cr
14. Utssav CZ Gold Jewels Ltd₹2,130 cr
15. PNGS Reva Diamond Jewellery Limited₹1,950 cr

The remaining 13 Diamond, Gems & Jewellery companies are named and ranked in the scorecard.

27 Jewellery companies in the Diamond, Gems & Jewellery industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 27 are listed below, largest first. The largest is Titan Company (₹3.94 lakh crore) and the smallest with a market value is Golkunda Diamonds & Jewellery.

Download all 27 Jewellery companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 36% ahead of NIFTY 500. Earnings across its companies grew 64% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 21 weeks running.

Price and the fundamentals both up. 8 of the 25 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 3 are 20% or more behind over a year while earnings grew 20% or more.

Ahead of NIFTY 500 on the three-month view for 21 weeks running; 15 of the 25 companies in the industry index above their 200-day average (5 fewer than four weeks earlier); 8 of those 25 pass the momentum test (7 fewer than four weeks earlier); earnings rising at 22 of the 23 that report earnings.

Participation is shrinking, 15 → 8 of 25 over four weeks, after being ahead of NIFTY 500. Price-only fade, 22 of 23 members have higher trailing twelve-month earnings than a year ago, so the fade is in the price, not in the earnings.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 25 of its 28 companies (the 3 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Diamond, Gems & Jewellery has done better than the NIFTY 500 by 48.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 24.4%. Utssav CZ Gold Jewels Ltd is the strongest against the sector itself at +104%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 54.2 as of 30 October 2026 (consolidation, falling).

Diamond, Gems & Jewellery has done better than the NIFTY 500 by 48.1% over 52 weeks and by 24.4% over 13 weeks. 7 of 28 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (5 have no relative-strength reading yet), and 6 of the 19 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

D.P. Abhushan Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 95.6% evidence confidence.

RBZ Jewellers Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (5 companies)

Under 60% of the evidence behind these scores is available, so they rank after every company above, whatever the score.

Utssav CZ Gold Jewels Ltd has the strongest one-year price move in Diamond, Gems & Jewellery at +261.4%. It also leads on relative strength against the NIFTY, at +156.8%. 16 of 28 companies we track are ahead of the index on that measure (5 have no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Diamond, Gems & Jewellery itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

A second breakout after a long range, supported by recovering earnings but still awaiting cleaner margins and consistent company participation. In the week of 5 October 2026, 95% of 21 Diamond, Gems & Jewellery companies were beating the Nifty 500, against 41.2% on 25 May 2026.

Diamond, Gems & Jewellery is one of the Top 25 sectors in our latest review.

From our industry review of 10 October 2026.

New stores, lighter jewellery and products with more design value are supporting the industry, but the benefits differ sharply between companies. Some manufacturers are improving their underlying margins while the largest retailers report pressure after temporary gains are removed. Debt reduction is company-specific, and a lasting industry-wide margin improvement is not yet proved.

From our industry review of 10 October 2026.

6 of 32 Diamond, Gems & Jewellery companies held a results call for July to September 2026. Sky Gold & Diamonds guided: Past profit margin 5-5.3% remains on track as stated today.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters cut theirs by 4.1 points.

• Spending on new plants and equipment was ₹5,917 crore in the last 12 months, 68% less than a year before.
• Projects still being built grew 81% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 34 Diamond, Gems & Jewellery companies, in percentage points.

Ownership and spending as of 10 October 2026.

2 chains of cause and effect link Diamond, Gems & Jewellery to other industries right now. Higher rates squeeze financed spending and property cash returns. For Diamond, Gems & Jewellery: Customer budgets and inventory-funded store plans both face pressure.

From our cross-industry review of 10 October 2026.

The next things that show whether the Diamond, Gems & Jewellery story is on course. First: Next results: underlying Titan and Kalyan margins after duty and inventory effects fade.

• Post-Diwali Sky Gold guidance review and continued cash generation.
• Evidence that Kalyan completed the September debt-repayment deadline.
• Shanti's Jaipur commissioning around mid-November or December, after earlier delays.
• P N Gadgil and Senco festive sales, inventory funding and improved protection against gold-price losses.
• D.P. Abhushan's October franchise pilot and final terms of inventory funding.

What would change the story

A comparable next-quarter result showing industry profit falling year on year as temporary duty gains fade would break the earnings-supported second-leg call. The current profit curve and Titan's reversal timetable are the evidence to test.

From our industry review of 10 October 2026.

Rajesh Exports Ltd has the highest Revenue among the 28 Diamond, Gems & Jewellery companies compared here, at ₹8,87,510 crore. Titan Company Ltd is next at ₹92,417 crore. Uday Jewellery Industries Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Rajesh Exports Ltd is the largest at ₹8,87,510 crore, 860.3% ahead of Titan Company Ltd. Uday Jewellery Industries Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 120.5% from a ₹679 crore base, with 14 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Rajesh Exports Ltd is the size to compare against; Uday Jewellery Industries Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Rajesh Exports Ltd's growth falls below Uday Jewellery Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

PC Jeweller Ltd has the highest OPM among the 28 Diamond, Gems & Jewellery companies compared here, at 29%. Advit Jewels Ltd is next at 27%. The same company also has the highest Margin change, at +7 percentage points. 28 of 28 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: PC Jeweller Ltd leads both opm at 29% and margin change at +7 percentage points.

What this means: PC Jeweller Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Titan Company Ltd has the highest Net profit among the 28 Diamond, Gems & Jewellery companies compared here, at ₹5,760 crore. Kalyan Jewellers India Ltd is next at ₹1,436 crore. Uday Jewellery Industries Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Titan Company Ltd earns the most, ₹5,760 crore of profit over the last 12 months, 301.1% above Kalyan Jewellers India Ltd. Uday Jewellery Industries Ltd shows at least 100% on the scoring scale (138.5% in full) growth from a profit base of ₹31 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Titan Company Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Grover Jewells Ltd has the highest ROCE among the 28 Diamond, Gems & Jewellery companies compared here, at 46%. D.P. Abhushan Ltd is next at 39.6%. Utssav CZ Gold Jewels Ltd has the highest ROCE change at +17.4 percentage points, so level and change sit with different companies.

What the numbers say: Grover Jewells Ltd leads ROCE at 46%, 6.4 percentage points above D.P. Abhushan Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Grover Jewells Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

Withheld from this chart: Shanti Gold International Ltd (SHANTIGOLD): its two data sources disagree by up to 97% on reported income across 9 comparable periods, so its derived ratios are withheld; Asian Star Company Ltd (ASTAR): its two data sources disagree by up to 17% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

RBZ Jewellers Ltd has the lowest PEG among the 28 Diamond, Gems & Jewellery companies compared here, at 0.25×. Manoj Vaibhav Gems N Jewellers Ltd is next at 0.27×. Manoj Vaibhav Gems N Jewellers Ltd has the lowest P/E at 6.64×, so level and change sit with different companies. Its PEG series carries 5 reported observations across the 20-quarter window.

What the numbers say: RBZ Jewellers Ltd has the lowest comparable PEG at 0.25×, 7.4% below Manoj Vaibhav Gems N Jewellers Ltd. Only 15 of 28 companies have earnings and growth steady enough for the ratio to mean anything, so this does not make it the lowest-valued company in the whole industry. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter