Shankesh Jewellers

India's gold-jewellery wholesale market is expanding alongside formalisation of the broader jewellery value chain. The industry section estimates the wholesale market at INR 2,176.1 Bn in CY25 and INR 4,024.7 Bn by CY30P, implying a 13.1% CAGR. GST, mandatory hallmarking, branded retail expansion and greater quality transparency are progressively shifting demand toward organised suppliers.

The key tailwinds are:

• Organised manufacturers represented only 13.1% of the wholesale market in CY25, leaving substantial room for formal-sector share gains as branded and certified jewellery penetration rises

• The organised wholesale-manufacturer segment is projected to grow from about INR 286 Bn in CY25 to INR 584 Bn by CY30P, a faster ~15.4% CAGR

• Expansion of organised retail into tier-II and tier-III cities increases retailer restocking needs and creates a larger addressable B2B market for wholesalers such as Shankesh

Gold jewellery remains structurally embedded in Indian weddings, festivals, gifting and household savings, which gives the category a demand base beyond pure fashion consumption. Rising disposable income and a larger middle class support higher-value purchases, while cultural buying remains strongest around wedding seasons and auspicious festivals. This demand directly supports Shankesh's bridal, antique and traditional collections

The key details are:

• Bridal wear accounts for approximately 55.5% of the Indian wholesale gold-jewellery market by wearing occasion, making wedding-linked inventory the largest demand pool

• Jewellery absorbs roughly 23-25% of Indian wedding expenditure, underlining the category's importance even when consumers moderate other discretionary spending

• CareEdge notes that festivals such as Diwali and Akshaya Tritiya can account for roughly 40-60 tonnes of gold sales, creating periodic wholesale replenishment spikes

Large jewellery chains are increasing store density and moving deeper into non-metro markets, which raises the need for suppliers that can deliver assortment depth, repeatable quality, custom bulk orders and fast replenishment. CareEdge expects leading brands to add an estimated 400-440 outlets in the near to medium term. Shankesh already supplies several national and regional organised jewellery chains

The key details are:

• Organised retailer expansion into tier-II and tier-III cities broadens the wholesale opportunity without requiring Shankesh to fund its own downstream retail network

• Named customers include Kalyan Jewellers, Joyalukkas, P. N. Gadgil group entities, Bhima Jewellery and Novel Jewels, demonstrating access to scaled branded-retail demand

• Corporate-client revenue mix increased from ~55.1% in FY24 to ~64.2% in FY26, indicating that growth is increasingly tied to formal organised customers.

• Gold-price volatility can inflate working-capital requirements, affect consumer affordability and create inventory / pricing risk if purchases and customer orders are not well matched

• India remains heavily dependent on imported gold; import duties, currency movements, geopolitical disruptions and policy changes can alter input costs quickly

• Skilled Karigar availability is a structural constraint. Hand-crafted products rely on specialised labour and long-developed artisan networks

• Design preferences can change rapidly; slow collection refresh or poor regional fit can create inventory ageing and customer returns

• Jewellery is a discretionary purchase, so high gold prices or weak consumer sentiment can defer demand even when long-term structural consumption remains intact

Policy has a mixed but structurally formalising effect on the sector. Hallmarking, GST and KYC requirements raise compliance standards and favour organised suppliers, while import-duty changes can materially influence gold prices and working capital

The key policies are:

Mandatory hallmarking strengthens quality assurance and consumer trust while increasing the importance of compliant supply chains

GST creates a formal invoicing trail across the jewellery value chain. The industry report discusses GST on gold jewellery and making charges as a core regulatory framework

100% FDI is permitted under the automatic route for relevant gems-and-jewellery activities, supporting organised capital formation and retail expansion

The Gold Monetisation / authorised-bank ecosystem aims to mobilise domestic gold and formalise sourcing, though imported gold remains important