India's B2B jewellery manufacturers are experiencing significant growth, with Sky Gold surging around 200% in 2026 so far. According to reports from The Financial Express, other B2B jewellery manufacturers have also seen sharp gains, with Shringar House of Mangalsutra rising nearly 50% in October till date, and Shanti Gold gaining 109.5% in 2026. The trend points to growing interest in companies that manufacture jewellery for retail chains rather than sell directly to consumers, as these manufacturers can focus on production, design and order execution without building extensive retail networks.
Shanti Gold International (market cap: ₹3,000 crore) is expanding its manufacturing capabilities significantly. As reported by The Financial Express, the company has an installed capacity of 6,700 kg per annum after commissioning an additional 4,000 kg per annum, with plans to add another 1,200 kg of annual capacity, bringing total capacity to 7,900 kg per annum once the Jaipur facility becomes operational by December 2026. The company serves major national and regional brands including Kalyan Jewellers, Joyalukkas, Lalithaa Jewellery and Bhima Jewellers, with sales volume reaching 522.1 kg in Q1FY27, up 61.6% year-on-year from 323.0 kg in Q1 FY26.
Sky Gold and Diamonds Ltd has completed a strategic acquisition to strengthen its position in the lightweight, uncut, and studded jewellery segments. According to The Financial Express, the company acquired 100% equity shares of Purvi Gems and Jewellery (India) Private Limited for a cash consideration of ₹9 crore, completed on October 7, 2026. Purvi Gems specializes in lightweight, uncut, and Precia jewellery categories, segments that have witnessed increasing demand in domestic markets, particularly South India, as well as international markets. Through this acquisition, Sky Gold aims to diversify its product portfolio, strengthen its export business, and expand its presence in higher-margin studded jewellery categories.
Senco Gold and Diamonds has announced a significant strategic acquisition to strengthen its digital and omnichannel capabilities. According to Business Standard, the company has signed agreements to acquire a 68% stake in August Jewellery Pvt Ltd, which operates the 'Melorra' brand, for ₹68 crore. The investment will be made in multiple tranches, with completion targeted by February 2027, subject to specified conditions. Including the acquisition by a promoter group entity, the overall stake in August Jewellery will reach 79%, making it a subsidiary of Senco Gold. The acquisition aligns with Senco Gold's digital strategy to cater to the fast-growing young consumer segment, with Melorra's design and e-commerce capabilities expected to generate operational synergies.
According to The Financial Express, the companies show varying valuation metrics with Shanti Gold trading at 16.5x earnings and RBZ Jewellers at 14.0x, both below the industry median of 21.0x. Utssav CZ Gold Jewels commands a premium at 39.9x earnings, significantly above the industry median. In terms of return ratios, Shanti Gold leads with ROCE of 33.9% and ROE of 38.1%, followed by Utssav CZ Gold Jewels with ROCE of 28.8% and ROE of 36.4%, while RBZ Jewellers has relatively lower return ratios at ROCE of 22.0% and ROE of 20.1%.
