Stephen Gilchrist established Gilchrist Mandolins & Guitars in 1977 in Warrnambool, Victoria, on Australia's southwest coast. Working from a small workshop at Lake Gnotuk, he is widely regarded as one of the foremost archtop mandolin builders of his generation, citing the Lloyd Loar–era Gibson craftsmen of 1910–1925 as his primary influence. The shop produces F-style and A-style mandolins, mandolas, mandocellos, and archtop guitars across model lines including the Model 1, Model 3, Model 4, Model 5, the Model 16 archtop guitar, and a 'Juniors' series, all built in small batches.

Gilchrist mandolins have been performed and recorded on by players including Ronnie McCoury, Adam Steffey, David Grisman, Sharon Gilchrist, Jacob Jolliff, Andy Leftwich, Dominick Leslie, David Long, Matt Flinner, Michael Cleveland, Tom Rozum, and Mike Mullins. Instruments are sold direct and through dealers such as Carter Vintage Guitars in Nashville.

Stephen's son Daniel Gilchrist runs a related operation, Gilchrist Guitars, from the same Lake Gnotuk workshop. Founded in 2006, Daniel's line covers handcrafted electric guitars, electric basses, electric mandolins, and electric ukuleles of his own design, alongside repair work for the Warrnambool and South-West Victoria region.

Gilchrist has 3 products cataloged on Equipboard, including Solid Body Electric Guitars, Mandolins, and Picks & Pick Holders. Their gear is featured by 3 artists, with the strongest followings in Folk, World, & Country, Blues, and Latin. Notable users include C.W. Stoneking, Chris Thile, and Charlie Worsham.