India's Jewellery Retailers Shine Amid Gold Price Volatility
The listed jewellery majors in India have outperformed the broader indices and benchmarks over the past year, with some stocks gaining as much as 50 per cent. The top gainers include Sky Gold and Diamonds, Thangamayil Jewellery, Bluestone Jewellery and Lifestyle, and Kalyan Jewellers.
The demand for gold jewellery has remained strong despite the hike in gold import duty and elevated gold prices. In addition to these factors, there has been further consolidation in the sector, with GRT Jewellers acquiring a 74 per cent stake in Tribhovandas Bhimji Zaveri (TBZ) for ₹1,033 crore.
Brokerages remain positive on the structural growth story and expect the top listed majors to deliver robust returns from current levels. Titan and Kalyan Jewellers are the top picks across most brokerages.