India Gold Jewellery Manufacturer Expansion
Strong gold jewellery demand is driving significant revenue and profit growth for manufacturers, with Shankesh Jewellers' PAT growing 732% from FY2024 to FY2026
Too little corroboration in the last 3 days to call a trend (5 articles). Watching for it to gain traction.
Strong gold jewellery demand is translating into exceptional profit growth for manufacturers, with one company reporting 732% PAT growth over two years as it captures market share in affordable and designer segments. This demonstrates that consumer demand for gold jewellery remains robust and is supporting downstream profitability.
Jewellery demand represents a structural end-use market for gold that operates on different cycles than financial investment demand, creating a baseline consumption floor that supports prices during periods when investment flows weaken and providing revenue visibility for producers and retailers.
Mainstream financial press is carrying this — attention has broadened beyond specialist outlets.
"Given its established customer base and positioning in the growing affordable and designer jewellery segment, the company appears well placed to benefit from rising demand."
"Deepa Jewellers, a Hyderabad-based company that processes and supplies 22K hallmarked gold jewellery, has fixed the price band for its initial public offering at Rs 168-177 per share. The company operates as an organised business-to-business firm that designs and gets gold jewellery processed through an outsourced manufacturing model supported by a network of 41 karigars."
"For the year ended March 2026, Deepa Jewellers reported a net profit of Rs 104.8 crore, up 158.2 per cent from Rs 40.6 crore a year earlier, while revenue rose 37.9 per cent to Rs 1,926.7 crore from Rs 1,397 crore."
"The Company's revenue from operations rose from ₹4,335.11 lakh in FY 2023-24 to ₹11,416.12 lakh in FY 2025-26."
"Shankesh Jewellers presents a strong growth narrative with PAT growing ~732% from FY2024 to FY2026. Revenue from operations grew by ~53.60% from FY2024 to FY2026."