Understanding Gold And Jewellery Stocks: Indians are the largest jewellery buyers in the world and the market is dominated by tiny unorganized retailers. Ordinarily, this should have made for a great stock market investing opportunity in listed companies selling branded jewellery.

But companies from this sector have more often decimated wealth than created it, with Titan Company being the sole exception.  In the last 13 years, organized retail has captured incremental category demand and succeeded in shifting demand away from unorganized retail in its favour.

This trend is expected to continue in the post-COVID-19 phase in a much more consolidated manner. The gold and jewellery stocks organized retail has risen from 5% to 32% in 2020. It is further expected to grow to 40% by 2025.

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The shift in market shares from unorganized players in any sector to branded players is a stock market theme that has created enormous wealth over the past decade. Let’s take a look at some of the Gold and Jewellery stocks that are best placed to gain from the covid aftermath.

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1. Gold And Jewellery Stocks – Titan

Tanishq Gold And Jewellery Stocks

Titan is the largest jewellery retailer company in India. It’s become the biggest retailer with 1900+ stores in India. It started its operations with the organised retail jewellery business. It has established leadership positions in the Watches, Jewellery and Eyewear categories led by its trusted brands and differentiated customer experience.

The company had the first mover advantage in India, It began its operations at a time when the gold jewellery making sector was still in an unorganised state. Trust and customer relationships are the two major strengths of Titan. The Big Bull of India Rakesh Jhunjhunwala has a stake of 5.1% in Titan.

Key Points

  • 85% revenues of the company comes from Tanishq, its retail jewellery division. Titan also sells jewellery through its brand Zoya, Mia & Caratlane.
  • 8% of the revenues come from the watch and wearables division. Titan is the world’s 5th largest watchmaker. It is probably among the largest in India.
  • Eyewear makes up for 1.78% of the company’s income. The company has various brands like Titan and Fastrack under this division.
  • Perfumes & fragrance products contribute to the remaining 1% income.
  • The company recently entered the women wear business of Sarees through its retail outlets across metro cities in India.
  • Titan owns the license for international watch brands. These include Tommy Hilfiger, Police, Coach and Anne Klein


The company has been a wealth generator for decades. The brand name and trust developed by the company over the years is the biggest moat it has over its peers. The company has grown profits on a consistent basis and has been an example to other jewellery companies which have mostly been wealth destroyers.

The company’s revenues & profits were hit in FY 2021. But revenue grew 32% to Rs. 27,456 cr in FY22.  The company’s strong pan India presence, localized jewellery collection and exemplary customer service will ensure that the company continues on its path of growth.

2. Gold And Jewellery Stocks – Rajesh Exports

Rajesh Exports Ltd has its headquarters in Bengaluru. Its primary business is in global manufacturing of gold and gold products and marketing network with distribution through Exports, Wholesale and directly to consumers by its own retail brand. 

Rajesh Exports is the biggest manufacturer of gold products in the world. The Company is also the largest refiner of gold in the world. It refines over 35% of the world’s gold. It exports its products to almost all the gold markets in the world. 

Europe leads the list with the highest revenue share at 29%, followed by India (19%), North America (18%), Middle East (14%), Far East (13%) & China (7%). The company also operates 83 retail stores under the brand Shubh Jewellers.

Acquisition of Valcambi – Rajesh Exports acquired Valcambi in 2015 for 400 million USD. Valcambi was the world’s largest gold refinery & largest gold producer at the time of acquisition. It is headquartered in Balerna, Switzerland & is 53 years old.

Key facts about the company 

  • The company is the lowest-cost producer of gold jewellery in the world.
  • It is the only company to have a value chain in gold, starting from gold refining to retail. 
  • Rajesh Exports refined 900 tons of gold in FY2020, giving the company a tag of the world’s largest gold refiner.
  • It supplies its gold in wholesale and retail jewellery stores across India.
  • The company has one of the world’s largest active jewellery design databases.
  • The company under its brand Valacambi supplied gold bullions to leading bullion banks and central banks across the world.

Revenue Breakup

  • 75% of revenues come from the company’s gold bullion business
  • 24% comes from the export and wholesale business
  • 1% comes from its retail jewellery business ( Shubh Jewellers). However, this business accounts for 20% of its EBITDA. This is because of the high margins in the retail business.

It plans to expand its retail operations so they account for about 20% of total revenues in the next 6 years. 


  • The company in recent years has reduced debt and is almost debt-free.
  • The profits of the company have remained stagnant for a period between 2017-2020, in spite of sales decreasing during the period.
  • The company recorded its highest sales of 2,58,313 crores in FY2021. However, it reported negative profit growth in the same year due to higher operating costs and lower margins. 
  • Gold prices play a key role in the profit margins of the company. 


3. Gold And Jewellery Stocks – Vaibhav Global

Vaibhav Global

Vaibhav Global Ltd. is based out of Jaipur, Rajasthan. It is an electronic retailer of fashion jewellery and lifestyle accessories. The Company owns and operates the Liquidation Channel in the United States and Jewellery Channel in the United Kingdom.

The company owns Shop LC for the USA & Shop TJC for the UK which is both 24-hour live shopping channels. It also owns proprietary web platforms tjc.co.uk & shoplc.com. It has also launched applications of its retail platforms on smartphones. 

Currently, about 63% of revenues come from TV platforms & the rest 37% of revenues come from web platforms. In terms of revenue breakup by geography, the USA accounts for 68% of total revenues while the UK and Germany account for the rest of 31% and 1% of the revenues respectively.

Key Points

  • The revenue is a mix of jewellery & non jewellery items. The jewellery items consist of 70% while the remaining 30% revenues are contributed by non-jewellery items like fashion accessories, makeup items, body care items, edibles, etc. 
  • The companies high dependence on exports makes it highly susceptible to risk associated with fluctuation in foreign exchange rates.
  • Gold, Silver & Diamonds are raw materials for the company. The raw materials used in this business are commodities in nature. therefore being exposed to price fluctuation.


The company posted its highest ever profits for the year 2021, despite Covid concerns across the jewellery industry. Sales reported in 2020-2021 was 25% greater than FY-2019-2020. For FY22, the revenue stood at Rs. 2,774.3 crores.

4. Gold And Jewellery Stocks – Thangamayil Jewellery Ltd (TMJL)

Thangamayil Gold And Jewellery Stocks

It is a jewellery retailer based in Madurai and established on 24th March 2000. The company has a total of 47 retail outlets. All the outlets are based in different districts within Tamil Nadu.

Tamil Nadu has a 40% share of gold consumption in India. This is the highest among all the states in India. This makes the company Thangamayil a unique play in the jewellery and rural theme in India. The company caters to the Tier-II and Tier-III cities of Tamil Nadu,

The primary factors which affect the company’s operations are the rural macro situation like crop yield, rainfall, floods, government policies. These factors affect the farmer’s income which in turn drives down the demand for gold.

Revenue Model – The company primarily deals with four product lines which are Gold, Silver, Diamonds, and Platinum. The sale of gold is a major chunk of its income.

Key Points

  • The company has a strong hedging mechanism to prevent inventory losses due to gold price fluctuations.
  • The company’s presence is only limited to Tamil Nadu. 
  • The company has no plans currently to expand in other states.


The company’s stock price has jumped 390% from its low price. The company has shown excellent profit growth in FY 2021 with the profits 

The sales have jumped 20.56% YoY to Rs. 2,193 crores in FY22.

5. Gold And Jewellery Stocks – Kalyan Jewellers

Kalyan Gold And Jewellery Stocks

Kalyan Jewellers began its operations in 1993 under Mr T.S Kalyanaraman. It has a network of 116 retail jewellery showrooms in India and 30 stores in MIddle East. It recently got listed on the National Stock Exchange in March 2021. The company has a market share of 6% in the organized jewellery market.

Key Facts 

  • Kalyan Jewellers has a pan-India presence and is one of the country’s largest jewellery companies based on revenue.
  • The company has a hyperlocal strategy where it localizes its product portfolio, brand communication & strategy, showroom experience.
  • The company has visionary promoters with strong leadership and a demonstrated track record supported by a highly experienced and accomplished senior management team and board of directors.
  • Kalyan Jewellers relies mainly on company-operated, large format retail stores (over 4000 sqft) to drive its sales. It leases retail space.
  • The presence of HighDell, a Warburg Pincus associate as a shareholder since 2014, has improved the corporate governance issues.

Revenue Breakup

  • Gold jewelry contributes more than 70% of the total sales.
  • 23% comes from studded jewellery and 2% from other jewellery.


The company has muted topline and bottom-line growth, low margins, and return ratios.

Further, Kalyan Jewellers has a heavy debt burden with the total outstanding debt amounting to Rs.3640.31 crores (FY21).

The backing of a renowned PE investor and a better record on governance may stand Kalyan in good stead, compared to some of its listed peers. 


That is all for the article “Gold And Jewellery Stocks For Investors in India”. The stock market perception of listed jewellery players has taken a repeated beating over the years with governance issues cropping up with alarming regularity. The jewellery companies in the 1990s were tainted by many scams.

These included over-invoiced exports, off-book bullion imports, and padded-up revenues. along with bank loan defaults. The recent issues with Geetanjali Gems, TBZ, and PC Jewellers have also raised major corporate governance concerns among stock investors.

Although there are companies like Vaibhav Global, Titan and Thangamayil Jewellery Ltd which have given excellent returns in the long run. It will take more than a bull run for gold and jewellery stocks to build confidence in the minds of the investors. Happy Investing!

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