Seven out of the 10 companies are core B2B (business to business) manufacturers specialising in 14-karat, 18k, and 22-k white, yellow and rose gold chains and fine jewellery | Photo Credit: Andrew Biraj
The companies that are seeking to go public include Arjun Jewellers, Sunil Gold, Baanganga Gold and Diamond (I), Master Chains N Jewels, Royal Chains, Tanvi Exports, Rathod Jewellery Manufacturing, Kataria Dhulchand Pannalal Jewellers, Momai Art and Emerald Jewel Industry India.
B2B manufacturers
Interestingly, seven out of the 10 companies are core B2B (business to business) manufacturers specialising in 14-karat, 18k, and 22-k white, yellow and rose gold chains and fine jewellery. These companies form the backbone of the industry as they supply to top retail brands, institutional corporates and wholesale networks nationwide.
Some of the companies that have filed for IPO, have reported strong compound annual growth rates (CAGR) in revenues and are stepping into the capital market.
For instance, Tanvi Exports and Sunil Gold have registered a revenue CAGR of 188 per cent and 106 per cent between FY24-FY26, while Royal Chains and Kataria Dhulchand Pannalal Jewellers have logged revenue CAGR of 93 per cent and 77 per cent. Baanganga Gold And Diamond (I) and Momai Art recorded a revenue CAGR of 63 per cent and 44 per cent.
The higher revenue growth was primarily fuelled by surge in global gold prices leading to sharp spike in jewellery selling prices. The processing costs remained relatively stable.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments, said most of the listed gold jewellery companies are doing very well in the market and, therefore, it is easy for companies in the same sector to go public in the booming IPO market.
Some of these companies waiting to tap the market are B2B manufacturers who supply to big brands and they need huge working capital requirements. Money raised through IPOs enables them to address this problem, he added.
“This trend of companies going public can also be seen as a part of the formalisation of gold jewellery business in India,” he said.
Ravi Singh, Chief Research Officer, Master Capital Services, said the sudden rush of jewellery companies to tap the IPO market reflects strong investor interest in organised jewellery sector, supported by rising incomes, premiumisation and a gradual shift from unorganised to branded players.
Listing provides companies an opportunity to raise growth capital, expand retail networks, strengthen working capital and reduce debt, while offering existing investors an exit route, he said.
However, government efforts to curb gold imports through higher import duties and other measures could impact affordability and moderate demand in the short term, he added.
Between January and October, eight jewellery companies have entered the secondary market, collectively raising about ₹3,547 crore with Lalithaa Jewellery Mart alone accounting for ₹1,700 crore.
Many jewellers are raising fresh capital as they require high capital to maintain bullion and finished-goods inventory across multiple stores, distribution networks and store expansions — particularly moving into tier-II and -III cities where consumer demand is booming.
Published on November 13, 2026
