New Delhi, Aug. 27 -- Gold rose about 45% in rupee terms during the year to March 2026. For a jewellery retailer, that is a blessing.

It inflates the value of every gram sitting in the showroom, which flows through as higher realisations and, on inventory bought earlier, as a gain.

It also makes the same necklace considerably more expensive, which tends to make customers buy a lighter one, or wait.

While most people immediately think of Titan or Kalyan Jewellers when it comes to jewellery, there are many smaller peers that have grown faster.

Two companies we are going to compare today are Tribhovandas Bhimji Zaveri and the debutant Lalithaa Jewellery.

Both have enjoyed the tailwinds discussed above and tripled their profits in FY26. ...