Jewellery stocks in India: 103 gold and jewellery companies

The only rule is the exchange classification: a company appears if the exchanges place it under gems, jewellery and watches, which sits within the consumer durables sector. There is no cut-off on size, profit or return. Watchmakers share the classification.

P/E divides market cap (share price times shares) by the profit of the last twelve months that belongs to the company's own shareholders. ROCE, return on capital employed, is operating profit after depreciation as a percentage of net worth plus borrowings, leaving out lease liabilities; for a jeweller much of that capital can be gold held as stock. Price changes count splits and bonuses but not dividends.

Listed companies fall into a few kinds. Retailers run their own showrooms and sell to households. Manufacturers make jewellery for other brands and retailers, and exporters sell cut diamonds and studded pieces abroad.

Gold is the main input, so the rupee price of gold moves both what a jeweller pays for stock and what it charges. Demand is seasonal, with jewellery bought around weddings and festivals.

Hallmarking of gold jewellery is mandatory under an order of the Bureau of Indian Standards, extended to more districts in stages. Each hallmarked piece carries a HUID number, which a buyer can check in the BIS Care app.