Gold Jewellery Retail Industry in India

Gold jewellery retail brings together businesses serving buyers through jewellery collections and retail formats.

Top gold jewellery retail companies in India (listed and private)

Frequently asked questions

How large is the gold jewellery retail industry in India?

587 gold jewellery retail companies with statutory filings (6 listed, 581 private) reported combined revenue of ₹3.22 lakh crore in FY2025, +17.5% on the same companies, and aggregate EBITDA of ₹14,007 crore. As filed each year, combined revenue was ₹90,218 crore in FY2018, reached ₹3.22 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 3 listed companies with an exchange price are worth ₹26,339 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of gold jewellery retail companies was 4.4% in FY2025, 0.0 pts above FY2024, against a peak of 5.6% in FY2021. Profit after tax margin was 2.4% (+0.4 pts on FY2024). Aggregate EBITDA of listed and private gold jewellery retail companies moved +15% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹14,007 crore (+17.0% on FY2024).

Which companies are leading the gold jewellery retail industry?

By FY2025 revenue the largest gold jewellery retail companies are Riddisiddhi Bullions (₹19,202 crore, 0.5% EBITDA margin, private); Lalithaa Jewellery Mart (₹16,897 crore, 4.4% EBITDA margin, private); Kiran Gems (₹15,069 crore, 1.7% EBITDA margin, private); Shreyash Retail (₹11,749 crore, 0.0% EBITDA margin, private); Diamond India (₹10,868 crore, 0.2% EBITDA margin, private). Among the ten largest, Khazana Jewellery (10.6%) and Hari Krishna Exports (6.7%) earn the widest EBITDA margins and Shreyash Retail (0.0%) the thinnest. 24 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Gold prices carried 13.6% of gold jewellery retail stories in 2025-10 to 2026-09, up 4.2 pts (+45%) on the prior 12 months; net tone +39 vs +25 for all gold jewellery retail stories. In buyer searches: Search interest in diamond jewellery queries (diamond ring, diamond necklace, diamond earrings) was +9% in the 12 months to 2026-09 vs the prior 12, led by “diamond ring” (+14%), followed by fashion and imitation jewellery (+4%); bridal and traditional jewellery moved -3%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Gold Jewellery Retail EBITDA grew 15% since FY2022 (Industry financials). 49 private gold jewellery retail retailers pass an IPO-readiness screen (Top gold jewellery retail companies in India). Gold prices is gaining the most ground in gold jewellery retail news (Gold Jewellery Retail in the news). Diamond jewellery searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 23.7× and median P/E 17.9× across 3 priced gold jewellery retail companies. (Market capitalisation & valuation).

How are gold jewellery retail stocks valued?

The median trailing P/E is 17.9× and the median EV/EBITDA 23.7× across 3 priced companies.

What does this companies lane cover?

It covers selected listed and unlisted jewellery retailers in the configured industry universe.

How are unlisted companies selected?

They are selected through the configured activity codes and a bounded jewellery name rule where applicable.

Research information, not investment advice.