Editor’s Note
This article provides a concise overview of the profound cultural and economic significance of India’s diamond and jewellery sector, highlighting its role as a global hub.
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.
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.
Here is a table outlining the top jewellery stocks in India as per market capitalisation:
- Titan Company: ₹367,721.03 Cr
- Kalyan Jeweller: ₹46,686.68 Cr
- IGIL: ₹13,453.13 Cr
- Thanga Mayil: ₹11,498.69 Cr
- P N Gadgil: ₹7,873.12 Cr
*Our stock selection criteria for top stocks based on Market Capitalisation are mentioned at the bottom of this blog.
Here is an overview of the diamond & jewellery sector stocks in India as per analyst ratings and market capitalisation:
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.