Bullish for TITAN, KALYANKJIL: India No.2 Diamond Jewellery Market

India has overtaken China and Japan to become the world's second-largest diamond jewellery market with a 12% global share. Growth is driven by rising disposable incomes, strong Gen Z and millennial demand, and a shift toward daily-wear and self-purchase consumption. Lab-grown diamonds are gaining share as an affordable alternative, though natural diamonds still dominate.

This validates the multi-year structural growth story for organised jewellery retail in India — a sector already enjoying tailwinds from unorganised-to-organised shift post-hallmarking. Diamond jewellery typically carries higher margins than plain gold, so a rising studded mix is a profitability lever. The Gen Z/self-purchase trend also de-links demand from traditional wedding cycles, smoothing seasonality.

TITAN remains the cleanest large-cap play given Tanishq/Mia's diamond skew and pricing power. KALYANKJIL and SENCO benefit from rising studded contribution and store expansion. GOLDIAM is a focused lab-grown diamond manufacturer that gains directly from LGD penetration. PCJEWELLER has higher diamond mix but carries balance-sheet risk. Pure gold-heavy names like THANGAMAYL benefit less.

Watch Q4FY26 results from TITAN and KALYANKJIL for studded-ratio commentary and same-store-sales growth in diamond jewellery. Monitor lab-grown vs natural diamond pricing spread, US LGD export trends for GOLDIAM, and any GST/import-duty changes on diamonds. Gold price volatility and wedding-season demand are key near-term swing factors.

• •India is now world's second-largest diamond jewellery market with 12% global share
• •Overtaken China and Japan in the rankings
• •Demand driven by Gen Z, millennials, rising incomes, and self-purchase trends
• •Natural diamonds dominant, but lab-grown gaining traction as low-cost alternative