Jewellery & Luxury Industry in India

India’s jewellery industry brings together businesses that create, trade and sell precious-metal, gemstone and ornament products.

Top jewellery & luxury companies in India (listed and private)

Frequently asked questions

How large is the jewellery & luxury industry in India?

1514 jewellery & luxury companies with statutory filings (32 listed, 1482 private) reported combined revenue of ₹6.30 lakh crore in FY2025, +21.2% on the same companies, and aggregate EBITDA of ₹31,325 crore. As filed each year, combined revenue was ₹3.39 lakh crore in FY2018, peaked at ₹7.86 lakh crore in FY2024 and was ₹6.30 lakh crore in FY2025; year-on-year changes are measured on the same companies. The 20 listed companies with an exchange price are worth ₹5.14 lakh 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?

Improving. The aggregate EBITDA margin of jewellery & luxury companies was 5.0% in FY2025, 1.4 pts above FY2024, the highest in the period. Profit after tax margin was 2.4% (+0.6 pts on FY2024). Aggregate EBITDA of listed and private jewellery & luxury companies moved +52% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹31,325 crore (+14.1% on FY2024).

Which companies are leading the jewellery & luxury industry?

By FY2025 revenue the largest jewellery & luxury companies are Rajesh Exports (₹2.81 lakh crore, 0.2% EBITDA margin); Titan Company (₹60,456 crore, 10.2% EBITDA margin); Kalyan Jewellers India (₹25,045 crore, 6.6% EBITDA margin); DP Gold (₹20,555 crore, 0.0% EBITDA margin, private); Kundan Refinery (₹20,212 crore, 1.4% EBITDA margin, private). Among the ten largest, Titan Company (10.2%) and Kalyan Jewellers India (6.6%) earn the widest EBITDA margins and Shreyash Retail (0.0%) the thinnest. 19 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Gold price impact carried 2.7% of jewellery & luxury stories in 2025-10 to 2026-09, up 1.1 pts (+70%) on the prior 12 months; net tone +68 vs +32 for all jewellery & luxury stories. In buyer searches: Search interest in diamond jewellery queries (diamond ring, engagement ring, diamond necklace) was +12% in the 12 months to 2026-09 vs the prior 12, led by “diamond ring” (+14%), followed by jewellery prices and buying (+11%); bridal and wedding jewellery moved -5%.

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: Jewellery & Luxury EBITDA grew 52% since FY2022 (Industry financials). 87 private jewellery & luxury jewellery businesses pass an IPO-readiness screen (Top jewellery & luxury companies in India). Gold price impact is gaining the most ground in jewellery & luxury news (Jewellery & Luxury in the news). Diamond jewellery searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 23.2× and median P/E 40.1× across 20 priced jewellery & luxury companies. (Market capitalisation & valuation).

How are jewellery & luxury stocks valued?

The median trailing P/E is 40.1× and the median EV/EBITDA 23.2× across 20 priced companies.

What does this companies lane cover?

It covers jewellery-focused businesses involved in precious-metal, gemstone and ornament products.

How are private businesses selected?

Selection begins with relevant statutory activity codes and uses bounded jewellery terms as an additional guard.

Research information, not investment advice.