10 Jewelry Companies in India in 2024
The jewelry market in India is a vast and dynamic industry, reflecting the country's rich cultural heritage and evolving consumer preferences. Here are the top jewelry players in India, each contributing jewelry sector to transition from un-organised to organised.
Top 10 Jewellers in the organised market and Key Business facts about them:
Note: All data is as of June 2024.
| Companies Name | State Origin | Store (India) | Presence | Key Facts |
|---|---|---|---|---|
| Malabar Gold & Diamond | Kerala | 203 | Pan India; majorly South India | - Bullion sales ~60% - Present in 15 states |
| Titan (Jewelry) | Tamil Nadu | 937 | Pan India | - Stud ratio ~40% - 7% market share in overall jewelry market |
| GRT | Tamil Nadu | 58 | South India | - Revenue Mix: Tamil Nadu - 75%, Karnataka & AP - 25% - Studded ratio ~10% |
| Kalyan | Kerala | 217 | Pan India; majorly South India | - Present in 23 states; however, 55% of the stores are in the South - Studded ratio ~28% - Strategic initiatives to drive growth through FOCO model |
| Lalitha Jewellers | Tamil Nadu | 50 | South India | - Revenue mix: Andhra Pradesh 33%; Tamil Nadu 33%; Karnataka 18%; Telangana 18% |
| Joyalukkas | Kerala | 100 | Pan India; majorly South India | - Revenue mix: South - 90%, Non-South - 10% - Store: South - 81 stores, Non-South - 16 stores |
| PN Gadgil & Sons | Maharashtra | 30 | West India, mainly Maharashtra | - Bullion sales ~65% - Studded ratio ~4% - 26 stores on lease and four are owned stores |
| Khazaana | Andhra Pradesh | 39 | South India | - Revenue mix (%): Andhra Pradesh - 51%; Telangana - 15%; Karnataka - 21%; Others - 23% |
| PNG Jewellers | Maharashtra | 33 | West India, mainly Maharashtra | - Second-largest organized jewelry player in Maharashtra - Successfully operates the franchisee model (COCO- 23, FOCO- 10) |
| Emerald | Tamil Nadu | 14 | South India | - B-B player in South India - Production capacity: Gold - 36 tons, Silver - 180 tons |
| Senco | West Bengal | 159 | Pan India; majorly in East India | - 76% stores in East India, contributing 80-85% of revenue - Focus on lightweight jewelry - Studded ratio ~11% |
| Thangamayil Jewellers | Tamil Nadu | 57 | South India | - Majorly present across Tier 2 and Tier 3 cities - Gold jewelry contribution is >90% - All showrooms are in Tamil Nadu (higher concentration in the Madurai market) |
| TBZ | Maharashtra | 33 | Pan India | - Leader in wedding and occasion-related sales, contributing ~65% of revenue - Present in 25 cities across 12 states - Adding 8-10 jewelry lines every year |
| DP Abhushan | MP | 8 | Central India | - Focus on gold jewelry in eight regions (Ratlam, Indore, Udaipur, Bhopal, Ujjain, Bhilwara, Kota, and Banswara) - Operates in Tier 2 & 3 cities - Revenue mix: Gold (92%), Diamond (6%), Silver (2%), and Others (0.4%) |
| Waman Hari Pethe | Maharashtra | 26 | Western India | - Gold jewelry contribution is 80-85% - Recently ventured into Polki jewelry segment |
| Motisons | Rajasthan | 4 | Rajasthan | - Gold jewelry contribution is 80% - All four showrooms are in Jaipur - Focus on customized jewelry |
Source: Companies, Industry, Credit Rating Reports, MOFSL
1. Malabar Gold & Diamond
Originating from Kerala, Malabar Gold & Diamond boasts 203 stores, primarily in South India, but has expanded to 15 states across the country. Approximately 60% of its revenue comes from bullion sales.
2. Titan (Jewelry)
Based in Tamil Nadu with a staggering 937 stores across India, Titan holds a 7% market share in the overall jewelry market. The company has a substantial presence nationwide with a studded jewelry ratio of 40%.
3. GRT
Also from Tamil Nadu, GRT operates 58 stores predominantly in South India. It generates revenue mainly from Tamil Nadu (75%) and Karnataka & Andhra Pradesh (25%), with a studded ratio of 10%.
4. Kalyan
Kalyan, originating from Kerala, has a significant footprint with 217 stores across India. Although present in 23 states, 55% of its stores are in South India. The company is working on strategic initiatives to drive growth through the FOCO model.
5. Lalitha Jewellers
Operating mainly in South India, Lalitha Jewellers has 50 stores with a diverse revenue mix coming from Andhra Pradesh, Tamil Nadu, Karnataka, and Telangana.
6. Joyalukkas
From Kerala, Joyalukkas has 100 stores with 90% of its revenue from South India. Among its 100 stores, 81 are in the South, and 16 are in other parts of the country.
7. PN Gadgil & Sons
Maharashtra's PN Gadgil & Sons has 30 stores with a strong presence in West India. With 26 stores on lease and four owned, it focuses mainly on bullion sales.
8. Khazaana
This Andhra Pradesh-based retailer runs 39 stores in South India and has a diverse revenue mix across several southern states.
9. PNG Jewellers
Another major player from Maharashtra, PNG Jewellers, operates 33 stores mainly in the western region and has successfully implemented a franchise model.
10. Emerald
Based in Tamil Nadu, Emerald is a business-to-business player with a production capacity of 36 tons of gold and 180 tons of silver annually.
11. Senco
West Bengal's Senco is focused on the eastern part of the country, with 159 stores, contributing 80-85% of its revenue from this region.
12. Thangamayil Jewellers
Located in Tamil Nadu, Thangamayil has 57 stores majorly in Tier 2 and Tier 3 cities, with gold jewelry contributing more than 90% of its revenue.
13. TBZ (Tribhovandas Bhimji Zaveri)
With roots in Maharashtra, TBZ operates 33 stores across India. Specializing in wedding and occasion-related sales, it is a leader in this segment.
14. DP Abhushan
Based in Madhya Pradesh, DP Abhushan focuses on gold jewelry across eight regions and primarily operates in Tier 2 & 3 cities.
15. Waman Hari Pethe
Another player from Maharashtra, Waman Hari Pethe, has 26 stores mainly in Western India, focusing significantly on gold jewelry.
16. Motisons
From Rajasthan, Motisons is known for its gold jewelry, contributing 80% to its revenue, with all its showrooms currently located in Jaipur.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as investment advice. Please conduct thorough research or consult with a financial advisor before making any investment decisions.
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