Gold Exports Jump 51% and Lab-Grown Diamonds Rise 28%: 5 Jewellery Stocks to Keep on Your Radar
India’s gems and jewellery sector reported modest overall export growth in August 2026, but the internal mix was far more interesting. Gross gems and jewellery exports rose 3.14% YoY to $2.30 billion from $2.23 billion, while in rupee terms exports increased 12.52% to Rs.21,945.87 crore from Rs.19,503.52 crore.
For April-August, gross exports increased 2.58% YoY to $11.47 billion. The major shift came within the product basket, where studded gold jewellery exports surged 51.22% YoY to $642.86 million and polished lab-grown diamond exports rose 28.45% to $125.17 million.
The backdrop is also notable because gold prices remained elevated, averaging $4,433.89 per troy ounce during April-August, up 34.09% in dollar terms and 48% in rupee terms. Despite this, total gold jewellery exports still rose 11.81% to $999.83 million in August, supported by the sharp growth in studded products.
At the same time, plain gold jewellery exports fell 23.90% to $356.97 million and natural cut and polished diamond exports declined 4.93% to $924.51 million. This divergence makes business mix important for investors, because companies exposed to value-added, studded and lab-grown products are operating in the faster-growing parts of the market.
Five listed names stand out from this trend: Goldiam International, Vaibhav Global, Renaissance Global, Sky Gold & Diamonds and Senco Gold. Their Q1 FY27 numbers show how differently the same sector shift is translating across export-led manufacturers, international retailers and domestic jewellery companies.
Goldiam International
Goldiam International has one of the clearest links to the lab-grown diamond trend, with lab-grown diamond jewellery contributing around 91% of its export sales. That makes the 28.45% rise in India’s polished lab-grown diamond exports particularly relevant to the company.
In Q1 FY27, revenue increased 54% YoY to Rs.363.7 crore, EBITDA jumped 121% to Rs.103.9 crore and PAT rose 120% to Rs.74 crore. Earnings therefore grew much faster than revenue, indicating strong operating leverage as the lab-grown jewellery business expanded.
Vaibhav Global
Vaibhav Global also has exposure to lab-grown diamonds through its international retail business, with the category contributing around 13% of retail revenue. This makes LGDs a meaningful part of the sales mix rather than only an experimental product segment.
Q1 FY27 revenue stood at around Rs.917 crore, up 13% YoY, while EBITDA rose 37% to Rs.102 crore and PAT increased 50% to Rs.56 crore. The faster rise in profits compared with sales suggests improving earnings quality alongside revenue growth.
Renaissance Global
Renaissance Global is positioned around overseas demand for value-added and diamond-studded jewellery while also expanding its branded business. That fits well with the 51.22% jump in studded gold jewellery exports during August.
Its Q1 FY27 revenue excluding bullion rose 30% YoY to Rs.689.8 crore, EBITDA increased 22% to Rs.49.7 crore and PAT jumped 288% to Rs.25.6 crore. Owned-brand revenue also grew nearly 29% to Rs.88.5 crore, making branded jewellery an important part of its earnings story.
Sky Gold & Diamonds
Sky Gold & Diamonds is focused on lightweight, studded and value-added jewellery, placing it close to one of the strongest segments in the latest export data. Its Q1 FY27 financial performance was also among the strongest of the five companies.
Revenue surged 78% YoY to Rs.2,012.8 crore, EBITDA rose 120% to Rs.156.7 crore and PAT increased 141% to Rs.104.9 crore. Profit growth exceeding revenue growth suggests that the expansion is not being driven by sales alone.
Senco Gold
Senco Gold is more domestically focused than the export-led names, but its diamond jewellery business gives it exposure to the broader shift toward studded and higher-value products. Q1 FY27 consolidated revenue jumped 67% YoY to Rs.3,056 crore, while diamond jewellery sales increased 43% in value and 18% in volume.
However, EBITDA grew only 16% to Rs.213 crore and PAT declined 3% to Rs.101 crore. Senco therefore shows why investors should look beyond revenue growth, as stronger diamond sales did not translate into comparable bottom-line growth.
The Bottom Line
The August data is not simply a story of jewellery exports rising. Studded gold jewellery and lab-grown diamonds are outperforming plain gold jewellery and natural polished diamonds, making product mix the central factor for investors tracking jewellery stocks.
Goldiam offers direct lab-grown exposure, Vaibhav Global combines international retail with growing LGD penetration, Renaissance is strengthening branded exports, Sky Gold is expanding in value-added jewellery and Senco provides a domestic diamond-studded play. The key question is whether these companies can sustain profit growth and margins as demand continues shifting toward higher-value categories