Core Activities

• The company manages an integrated value chain including raw material procurement, product design, manufacturing, quality control, distribution, and branded retail sales.
• B2B operations involve designing and supplying lab-grown diamond studded gold jewellery to organized retailers, standalone retailers, and wholesalers across 18 Indian states and 2 union territories, as well as international markets.
• D2C operations are conducted through its subsidiary, Ayaani, utilizing an omnichannel platform consisting of an online storefront and physical retail stores.
• The company maintains an in-house design team that utilizes CAD and CAM software to develop a portfolio of over 32,000 jewellery designs.

Monetization Mechanisms

• Revenue is generated through B2B sales to retail chains, standalone retailers, and wholesalers.
• Revenue is generated through D2C sales via physical retail stores and online sales platforms.

Operating Facilities

• The company operates a manufacturing facility in Surat, Gujarat, with an area of approximately 7,000 sq. ft. and an installed production capacity of approximately 360 kg of lab-grown diamond studded gold jewellery per annum.
• The company operates ten physical retail stores across eight cities in India (Ahmedabad, Surat, Mathura, Delhi, Chandigarh, Jodhpur, Raipur, and Udaipur) using an asset-light model with leased premises.

Segments

• B2B Operations - Standalone retailers: Supply of lab-grown diamond studded gold jewellery to standalone retailers. (Revenue contribution: 42.75% · Fiscal 2026)
• B2B Operations - Wholesalers: Supply of lab-grown diamond studded gold jewellery to wholesalers. (Revenue contribution: 28.25% · Fiscal 2026)
• B2B Operations - Retail chains: Supply of lab-grown diamond studded gold jewellery to organized retail chains. (Revenue contribution: 24.57% · Fiscal 2026)
• D2C Operations - Online sales: Direct-to-consumer sales through an online storefront. (Revenue contribution: 3.46% · Fiscal 2026)
• D2C Operations - Retail stores: Direct-to-consumer sales through physical retail stores. (Revenue contribution: 0.88% · Fiscal 2026)

Key Offerings

• The company offers lab-grown diamond studded gold jewellery across categories including rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles.
• The product portfolio caters to daily wear, occasion-based, men's jewellery, and customized segments.
• The company maintains a design portfolio of over 32,000 jewellery designs as of August 31, 2026.

Kpis

• Gold Processed: Fiscal 2026: 98.53 · Fiscal 2025: 63.63 · Fiscal 2024: 42.96
• Sale of lab-grown diamond studded gold jewellery: Fiscal 2026: 178.89 · Fiscal 2025: 100.59 · Fiscal 2024: 66.34
• B2B Customer Count: Fiscal 2026: 323 · Fiscal 2025: 108 · Fiscal 2024: 74
• Inventory Days: Fiscal 2026: 81 · Fiscal 2025: 59 · Fiscal 2024: 31

Top Customers Concentration

Revenue from operations is heavily concentrated among a limited number of B2B customers. The top 10 customers contributed 55.49% in Fiscal 2026, 76.68% in Fiscal 2025, and 84.24% in Fiscal 2024.

Competitive Advantages

• India is the largest global diamond-cutting and polishing hub, producing over 90% of the world's polished diamonds.
• The industry leverages a skilled workforce, robust manufacturing infrastructure, and a deep-rooted cultural affinity for jewellery.

Promoters

• Rajnikant Lallubhai Chanchad: He has over 20 years of experience in the gems and jewellery sector and was honoured with the “Icon of the Jewellery Industry 2024” award. (20 years' experience)
• Sonalben Rajnikant Chanchad: She has over 5 years of experience in the gems and jewellery sector. (5 years' experience)
• Savaliya Dhruv Janakbhai: He holds a Bachelor of Civil Engineering from Gujarat Technological University and has approximately 4 years of experience in the Gems and Jewellery sector. (4 years' experience)

Top Internal Risks

• High Revenue Concentration among B2B Customers: Top 10 customers contributed 61.08% of revenue for the six-month period ended September 30, 2025, and 97.17% in Fiscal 2023.
• Single Manufacturing Facility Concentration: Manufacturing operations are concentrated at a single facility in Surat, Gujarat, making the business vulnerable to disruptions or machinery failure.
• Increasing Working Capital Requirements: Working capital requirements increased from ₹12.42 million in Fiscal 2023 to ₹461.77 million as of September 30, 2025.
• Concentration of Purchases among Limited Suppliers: Top 10 suppliers contributed 90.66% of total purchases during the six-month period ended September 30, 2025.
• Exposure to Counterparty Credit Risk: Trade receivables increased from ₹40.64 million in Fiscal 2024 to ₹263.73 million as of September 30, 2025.
• Revenue Concentration in Limited Indian States: Revenue is heavily derived from Gujarat, Karnataka, Telangana, Tamil Nadu, and Maharashtra, aggregating to 82.27% for the period ended September 30, 2025.

Top External Risks

• Dependence on Lab-Grown Diamonds and Gold Bullion: These materials constituted 88.82% of total raw material purchases for the six-month period ended September 30, 2025.
• Discretionary Nature of Consumer Spending: Demand for lab-grown diamond studded gold jewellery is discretionary, making it sensitive to macroeconomic conditions and shifts in consumer preferences.
• Seasonal Fluctuations in Sales: The business is subject to seasonal fluctuations, where lower-than-expected sales during peak periods can disproportionately affect results.
• Dependence on End-Consumer Preferences: Business depends on the acceptance of designs and evolving preferences of end-consumers.

Material Litigations

• One direct tax case involving an outstanding demand of ₹29,509,810 for the Assessment year 2023-24.
• FIR No. 0192 filed by a subsidiary against a store manager and five staff members for misappropriating 16 gold items valued at ₹1,330,743.

Related Party Transactions Summary

The Company and its subsidiaries hold registered trademarks, and no royalty, license fee, or recurring payment is made to Promoters, Promoter Group, related parties, or third parties for their use.