Gold has always been important in Indian homes not only for jewellery, but also as a safe way to invest money. In 2025, gold is still a favourite for many people because it keeps its value even when the economy is not doing well. With prices of things going up (inflation) and global issues around the world, people are choosing gold to protect their money.
Earlier, most people bought gold in the form of jewellery or coins. But now, more people are investing in gold-related stocks. These include companies that refine gold, sell jewellery, give gold loans, or work on digital gold platforms. The Indian government is also helping this sector by supporting hallmarking, gold saving schemes, and other reforms. Because of this, the formal gold business is growing fast. Many listed companies in this space are doing well and getting more attention from investors who want steady returns and long-term value.
Top Gold Stocks to Watch in 2025
1. Titan Company Ltd (Tanishq)
Titan Company Ltd (Tanishq), through its Tanishq brand, is one of India’s top jewellery retailers. It has a strong network, trusted brand, and a growing customer base in both metro and small towns. The company focuses on quality craftsmanship and innovative designs to attract diverse customers. With increasing consumer spending and expanding retail presence, Titan continues to strengthen its position in the jewellery market.
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Positives: Trusted brand, strong sales, growing store count, and good festive season demand.
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Cons: Sensitive to gold price changes and depends on consumer spending.
2. Kalyan Jewellers India Ltd
Kalyan Jewellers India Ltd is expanding fast in India and Middle East markets. It targets a wide range of customers and offers both traditional and modern designs. The company leverages a strong retail network and focuses on customer service to build loyalty. With growing demand for branded jewellery, Kalyan is increasing its presence in key urban and emerging markets.
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Positives: Large store network, increasing revenue, and strong brand in Tier 2 and Tier 3 cities.
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Cons: Competition is high and profit margins can vary.
3. Muthoot Finance Ltd
Muthoot Finance Ltd is a market leader in gold loans. It lends money to people using their gold as security. Demand for gold loans rises during uncertain times or festivals. The company has a wide branch network across India, making its services easily accessible. Muthoot’s focus on quick processing and customer trust helps it maintain strong growth in this segment.
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Positives: Strong market share, good interest income, and trusted brand.
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Cons: Growth depends on gold prices and borrowing trends.
4. Manappuram Finance Ltd
Manappuram Finance Ltd also focuses on gold loans and financial services. It offers quick loans and has a strong presence in South India. The company serves a wide customer base, including individuals and small businesses. It's easy loan process and flexible repayment options contribute to steady growth. Manappuram continues to expand its reach through new branches and digital services.
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Positives: Strong presence in the gold loan segment, good customer base, and improving loan recovery.
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Cons: High competition and sensitive to RBI rules and gold price changes.
5. Rajesh Exports Ltd
Rajesh Exports Ltd is one of the largest gold refiners and exporters in India. It makes and sells gold jewellery in bulk. The company operates large manufacturing facilities and supplies to both domestic and international markets. With a strong focus on quality and scale, Rajesh Exports plays a key role in India’s gold jewellery industry. It benefits from rising global demand and India’s position as a major gold hub.
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Positives: Big exporter, wide global presence, and leader in gold refining.
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Cons: Thin profit margins and affected by global gold prices.
6. Sky Gold and Diamonds Ltd
Sky Gold and Diamonds Ltd is a fast-growing company that makes lightweight gold jewellery. It supplies to leading jewellery brands across India and is known for its strong design and manufacturing capabilities. The company focuses on innovation and quality to meet changing consumer preferences. With expanding production capacity and growing client base, Sky Gold is becoming an important player in the Indian jewellery supply chain.
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Positives: Strong B2B network, focused on modern designs, and fast-growing revenues.
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Cons: Operates in a competitive space with low brand visibility among retail customers.
7. Goldiam International Ltd
Goldiam International Ltd designs and manufactures diamond and gold jewellery for export markets. It serves customers in the US and Europe and has a strong presence in e-commerce channels. The company combines traditional craftsmanship with modern technology to create appealing designs. Its focus on quality and timely delivery helps build lasting relationships with global buyers. Goldiam continues to explore new markets while expanding its digital sales platforms.
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Positives: Export-focused model, strong digital retail presence, and high-value jewellery business.
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Cons: Sensitive to global demand and currency changes.
8. Thangamayil Jewellery Ltd
Thangamayil Jewellery Ltd is a well-known retail jewellery brand in South India. It has a loyal customer base and operates mainly in Tamil Nadu. The company focuses on traditional and wedding jewellery, catering to cultural preferences and special occasions. With a strong retail presence and emphasis on customer trust, Thangamayil continues to maintain steady growth in its core markets. It also invests in modernizing stores to enhance the shopping experience.
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Positives: Strong regional presence, trusted name in southern markets, and steady performance.
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Cons: Limited national reach and exposure to regional demand cycles.
What’s Driving Growth in India’s Gold Sector in 2025?
1. Gold is a Safe Asset
Gold is seen as a safe place to put your money, especially when other investments are not doing well. It holds its value over time and protects you from the effects of inflation. When the stock market falls or the world faces financial problems, gold prices often go up. That’s why many people buy gold when they want to keep their money safe. It gives peace of mind and acts like a safety net during tough times.
2. Growing Jewellery Market
In India, gold jewellery is not just a luxury — it’s also part of our culture and traditions. Every year, demand for gold jewellery increases during weddings, festivals, and special occasions. As people earn more and move to cities, they also spend more on branded jewellery. This steady rise in demand is helping companies like Titan and Kalyan Jewellers grow their business. So, investing in gold jewellery companies can bring good long-term benefits.
3. Rise of Gold Loans
Many people in India now use their gold to get short-term loans. This is a quick way to get cash by giving gold as security. Companies like Muthoot Finance and Manappuram are leaders in this space. Their business grows when people need easy and fast loans, especially during festivals or emergencies. As more people understand and use gold loans, these companies are earning well and growing steadily.
4. Formalisation of the Sector
The gold business in India is becoming more organised and clear. The government is helping by making rules for proper gold quality checks (hallmarking), encouraging digital gold buying, and creating better tax systems. This makes it easier for people to trust and buy gold through proper channels. Because of this, companies in the formal gold sector are gaining more customers and seeing better growth.
5. Export and Global Business
India is not just using gold at home — it is also selling gold jewellery and refined gold to other countries. Many Indian companies are now getting big international orders for gold products. This gives them steady business from abroad and helps them grow faster. Companies like Rajesh Exports are leading in this area and benefiting from the global gold trade.
Key Factors to Consider Before Investing in Gold Stocks
Disclaimer: This article is intended purely for informational and educational purposes and should not be construed as investment advice, stock recommendations, or a solicitation to invest.
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