Incorporated in April 2022, Nityas Gems and Jewellery Limited specialises in the design, manufacturing, and sale of lab-grown diamond-studded gold jewellery in India. The company operates through a business-to-business (B2B) model for retailers and wholesalers, as well as a direct-to-consumer (D2C) approach via its subsidiary, Ayaani Diamonds and Jewellery Private Limited. The company’s operations encompass the entire jewellery value chain, including raw material management, product design, manufacturing, quality control, distribution, and retail sales. Its key B2B customers include established jewellery retailers like GIVA, Palmonas, ONYA, and Ladia Diamonds.

Nityas Gems & Jewellery Limited IPO Overview

Nityas Gems & Jewellery Limited filed its DRHP with SEBI on March 30, 2026, for a book-built IPO comprising a fresh issue of up to 1,44,56,000 equity shares. The issue is entirely a fresh issue with no offer-for-sale component. The company may consider a pre-IPO placement. Net proceeds from the fresh issue will be utilized for funding working capital requirements (up to ₹700 million) and general corporate purposes. Lead manager: Choice Capital Advisors Pvt. Ltd. Registrar: Bigshare Services Pvt. Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced

Nityas Gems & Jewellery Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	1,44,56,000 equity shares
Fresh Issue	1,44,56,000 equity shares
Offer for Sale (OFS)	None
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹5 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	4,31,37,248 shares
Shareholding post-issue	5,75,93,248 shares

Nityas Gems & Jewellery Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Nityas Gems & Jewellery Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Offer
Retail Shares Offered	Not more than 10% of the Offer
NII (HNI) Shares Offered	Not more than 15% of the Offer

Nityas Gems & Jewellery Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹2.28
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	25.48%
Net Asset Value (NAV)	₹250.14
Return on Equity (RoE)	19.25%
Return on Capital Employed (RoCE)	18.19%
EBITDA Margin	12.94%
PAT Margin	9.64%
Debt-to-Equity Ratio	0.32x

Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in million)
Funding working capital requirements	Up to 700.00
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

Nityas Gems & Jewellery Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,018.61	398.66	117.46	60.77
Revenue from Operations	885.45	968.45	536.55	116.68
Profit After Tax	85.32	97.88	40.24	2.45
Reserves and Surplus	470.91	201.11	42.82	2.45
Total Borrowings	74.14	71.11	32.58	13.07
Total Liabilities	357.99	172.94	64.17	48.32

Financial Status of Nityas Gems & Jewellery Limited

Nityas Gems & Jewellery Limited

SWOT Analysis of Nityas Gems & Jewellery Limited

Strengths and Opportunities	Weaknesses and Threats
Integrated B2B and D2C business model with growing customer base	Recent incorporation (2022) with limited operating history
Manufacturing capabilities supported by in-house design and 28,000+ design portfolio	High customer concentration in B2B segment
Well positioned to capitalise on 15% CAGR growth in lab-grown diamond jewellery market	Revenue concentration in domestic market
Skilled in-house workforce of 136 Karigars enabling quality control	Dependence on gold and diamond prices affecting margins
Robust financial performance with 188% revenue CAGR from FY23-FY25	Working capital intensive business model
Presence across 18 states and 2 union territories in India	Competition from established players like Goldiam International
D2C omnichannel presence with 9 retail stores across 7 cities	Fashion and design trends changing rapidly
Lab-grown diamonds priced 60-80% lower than natural diamonds	Regulatory changes in diamond certification and import duties
Growing acceptance among Gen Z and Millennials for ethical jewellery	Currency fluctuations affecting international expansion plans

Nityas Gems & Jewellery Limited IPO Strengths

Integrated B2B and D2C Business Model with a Growing and Diversified Customer Base

Nityas Gems & Jewellery operates through an integrated business model combining B2B manufacturing and distribution to retailers and wholesalers, and D2C omnichannel retail operations through its subsidiary, Ayaani Diamonds and Jewellery. The company serves B2B customers across 18 states and 2 union territories in India, with key clients including GIVA, Palmonas, ONYA, and Ladia Diamonds. The D2C operations comprise 9 retail stores across 7 cities, enabling direct consumer engagement and brand building.

Manufacturing Capabilities Supported by In-House Design and Technology Integration

Nityas Gems & Jewellery’s manufacturing operations are located in Surat, Gujarat, with an installed production capacity of approximately 360 kg of lab-grown diamond studded gold jewellery per annum. The company’s design portfolio comprises over 28,000 jewellery designs across rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, and bangles. The design and manufacturing processes are supported by technology integration, including the use of CAD and CAM tools, which facilitate precision-driven design and efficient prototyping.

Well Positioned to Capitalise on the Growth of Lab Grown Diamond Jewellery

Nityas Gems & Jewellery is positioned to capitalise on the rapid expansion of the lab-grown diamond jewellery market. The global LGD jewellery market has grown from USD 4,058 million in CY20 to USD 6,652 million in CY24 and is projected to reach USD 9,406 million by CY30. The Indian market is projected to expand at a CAGR of 15.8% from CY25 to CY30, reaching Rs 71,890 million by CY30 from Rs 28,904 million in CY24. Lab-grown diamonds are priced 60-80% lower than natural diamonds of comparable specifications, significantly broadening the addressable market.

Skilled In-House Workforce Enabling Quality Control and Reduced Dependence on External Job Work

Nityas Gems & Jewellery’s manufacturing operations are supported by a skilled in-house workforce comprising 136 Karigars, who undertake manufacturing and handcrafting activities in accordance with designs, specifications and quality standards approved by the company. The in-house Karigar base enables efficient execution of design-intensive jewellery requirements, including customized products for B2B customers, while maintaining control over production timelines and manufacturing processes.

Robust Financial Performance with Consistent Growth

Nityas Gems & Jewellery has demonstrated consistent growth in revenues and profitability. Revenue from operations has increased from ₹116.68 million in Fiscal 2023 to ₹968.45 million in Fiscal 2025, registering a CAGR of approximately 188.05%. Profit after tax has increased from ₹2.45 million in Fiscal 2023 to ₹97.88 million in Fiscal 2025, registering a CAGR of approximately 532.35%. EBITDA margins have improved from 4.19% in Fiscal 2023 to 13.32% in Fiscal 2025.

Other IPO Pages Linking

More About Nityas Gems & Jewellery Limited

Nityas Gems and Jewellery Limited, incorporated in April 2022, has rapidly established itself as a specialised player in the lab-grown diamond studded gold jewellery segment in India.

Business Model and Operations

B2B Operations: The company manufactures and supplies lab-grown diamond-studded gold jewellery to established jewellery retailers including GIVA, Palmonas, ONYA, and Ladia Diamonds. It serves customers across 18 states and 2 union territories in India.
D2C Operations: Through its subsidiary, Ayaani Diamonds and Jewellery Private Limited, the company operates 9 retail stores across 7 cities in India, including Ahmedabad, Chandigarh, Jodhpur, Raipur, New Delhi, Mathura, and Surat.
Omnichannel Presence: The company maintains a digital presence across social media channels including Instagram, Pinterest, and YouTube with a consolidated follower base of over 45,000.

Manufacturing and Design Capabilities

Manufacturing Facility: Located in Surat, Gujarat, with an area of approximately 7,000 sq. ft. and installed production capacity of approximately 360 kg of lab-grown diamond studded gold jewellery per annum.
Design Portfolio: Over 28,000 jewellery designs across categories including rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks, and bangles.
Technology Integration: Use of CAD and CAM tools for precision-driven design and efficient prototyping.
Workforce: 136 in-house Karigars supporting manufacturing and handcrafting activities.

Product Portfolio

Daily wear jewellery, occasion-based jewellery, men’s jewellery, and custom designs
Lab-grown diamond studded gold jewellery across various price points
Both standardized designs and customized products based on specific customer requirements

Industry Outlook

India’s lab-grown diamond jewellery market is experiencing robust growth driven by shifting consumer preferences, affordability, and sustainability concerns. According to Redseer, India’s LGD jewellery market, currently valued at $300-350 million, is projected to see 15% compound annual growth rate over the next decade.

Key Growth Drivers:

Affordability Driving Access: Lab-grown diamonds are priced 60-80% lower than natural diamonds of comparable specifications, significantly broadening the addressable market for aspirational luxury.
Evolving Consumer Preferences: There is a marked shift in consumer behaviour, particularly among millennials and Gen Z, who increasingly value transparency and ethical sourcing. Lab-grown diamonds are viewed as a sustainable alternative with minimal environmental footprint and conflict-free sourcing.
Expansion into Tier-2 and Tier-3 Markets: Rising disposable incomes and changing aspirations in smaller cities are broadening the demand base for lab-grown diamond studded gold jewellery.
Technological Advancement: Improvements in technologies enable the production of high-quality lab grown diamonds that are chemically and physically identical to mined diamonds.
Funding Momentum: Nine pure-play lab grown diamond startups collectively raised a record $26.4 million in 2025, compared with $4.7 million across eight startups in 2024.

Market Projections:

The Indian diamond jewellery market is estimated at around USD 6.2 billion (Rs 55,674.54 crore) in 2025 and is projected to grow to USD 8.6 billion (Rs 77,225.97 crore) by 2028, with a CAGR of 12%.
The ‘daily wear & self-purchase’ segment is projected to grow from ₹3,418 million in CY24 to ₹4,261 million by CY30.
Bridal and wedding engagement segment is projected to expand from ₹14,558 million in CY24 to ₹21,213 million by CY30.

How Will Nityas Gems & Jewellery Limited Benefit

Nityas Gems & Jewellery is strategically positioned to benefit from India’s LGD jewellery market growing at 15% CAGR to $350+ million, with the company’s integrated B2B and D2C model capturing value across the entire jewellery value chain.
The company’s affordable lab-grown diamond jewellery, priced 60-80% lower than natural diamonds, aligns with the growing demand for accessible luxury among Gen Z and Millennials who prioritize ethical sourcing and value for money.
Nityas Gems & Jewellery’s in-house manufacturing capabilities with 136 Karigars and 28,000+ design portfolio enable it to offer design-led, competitively priced products while maintaining quality control and reducing dependence on external job work.
The company’s omnichannel presence across 18 states and 2 union territories in India, combined with 9 retail stores in 7 cities and digital platforms with 45,000+ followers, positions it to capture the growing demand in both metro and Tier-2/Tier-3 markets.
With the ‘daily wear & self-purchase’ segment projected to grow from ₹3,418 million to ₹4,261 million by CY30, the company’s focus on affordable, design-led jewellery aligns with the fastest-growing segment in the industry.
The company’s strong financial performance with 188% revenue CAGR and 532% PAT CAGR from FY23-FY25 demonstrates its ability to scale operations and enhance margins while expanding its customer base.
The IPO proceeds of ₹700 million for working capital requirements will strengthen the company’s ability to scale operations, manage inventory, and support the credit terms often required in the B2B jewellery business.

Peer Group Comparison

Name of Company	Revenue (₹ in million)	Face Value (₹)	P/E Ratio	Basic EPS (₹)	Diluted EPS (₹)	RoNW (%)	NAV (₹)
Nityas Gems and Jewellery Limited	968.45	5	[●]	4.37	4.37	70.17%	9.53
Peer Group
Golkunda Diamonds & Jewellery Limited	2,524.44	10	16.93	16.97	16.97	19.78%	93.91
Goldiam International Limited	7,809.78	2	26.99	10.97	10.97	16.96%	69.30
Renaissance Global Limited	20,809.80	2	12.17	7.68	7.63	5.73%	140.20

Key Strategies for Nityas Gems & Jewellery Limited

Enhance and Broaden Customer Base Across Segments

Nityas Gems & Jewellery intends to expand and diversify its customer base with a primary focus on the B2B segment, supported by the growing acceptance of lab-grown diamond studded gold jewellery. The company aims to strengthen relationships with existing customers while onboarding new retailers and wholesalers by offering design-led, competitively priced products. It also intends to engage with established jewellery industry players who have not yet entered the lab-grown diamond segment.

Continue to Focus on the Domestic Market While Evaluating Selective Export Opportunities

Nityas Gems & Jewellery’s revenues are predominantly derived from domestic operations. While the primary focus will remain on the domestic market, the company may continue to evaluate export opportunities, particularly in the United Arab Emirates and Australia, on a selective and order-driven basis. Export orders may be undertaken where they are commercially viable, operationally manageable, and consistent with applicable quality and regulatory standards.

Increase Participation in Marketing and Industry Engagement Initiatives

Nityas Gems & Jewellery intends to continue investing in marketing and customer engagement initiatives across both B2B and D2C operations. For B2B operations, marketing efforts include personalized visits to key customers and participation in jewellery exhibitions like the India International Jewellery Show. For D2C operations, the company focuses on enhancing brand visibility through digital marketing initiatives, including its online platform and presence across social media channels.

Augment Working Capital Resources to Support Business Operations

Nityas Gems & Jewellery intends to augment its working capital resources to support the scale and continuity of its B2B business operations and to reduce dependence on borrowings. The business requires significant working capital primarily on account of procurement of gold bullion, lab-grown diamonds, and other raw materials, maintaining inventory in line with customer requirements, and managing trade receivables. The company proposes to utilize ₹700 million from the Net Proceeds towards meeting working capital requirements.

Strengthen Design-Led Product Innovation and Expand Product Portfolio

Nityas Gems & Jewellery intends to continue strengthening its design-led approach by expanding its product portfolio across categories, price points, and customer segments. The company aims to increase focus on new product development, including introduction of collections aligned with emerging fashion trends, lightweight jewellery for bridal wear, and higher-value designs for occasion-based purchases. It also intends to leverage insights derived from B2B and D2C operations to guide design development.

Expand and Strengthen D2C Omnichannel Presence Under the “Ayaani” Brand

Nityas Gems & Jewellery intends to expand its direct-to-consumer operations through its subsidiary, Ayaani, by strengthening its omnichannel retail presence. The company proposes to expand its retail footprint through a calibrated approach, with a focus on scaling through franchise-operated stores to enable capital-efficient expansion, particularly in Tier-2 and Tier-3 cities. It also intends to strengthen its digital channel by enhancing its online storefront and increasing presence across social media platforms.

FAQs

How can I apply for Nityas Gems & Jewellery Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Nityas Gems & Jewellery IPO?

The IPO comprises a fresh issue of 1,44,56,000 equity shares, entirely a fresh issue with no OFS component.

When is the Nityas Gems & Jewellery IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Nityas Gems & Jewellery shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Nityas Gems & Jewellery use the IPO proceeds?

Proceeds will be used for funding working capital requirements (up to ₹700 million) and general corporate purposes.

Infographic Content

Nityas Gems & Jewellery Limited IPO Highlights

Nityas Gems & Jewellery is a specialised manufacturer of lab-grown diamond-studded gold jewellery with an integrated B2B and D2C model, serving customers across 18 states with 28,000+ designs and 136 in-house Karigars.

Offer Size:1,44,56,000 equity shares (entirely fresh issue; no OFS component)
Purpose:Net proceeds will be used for funding working capital requirements (up to ₹700 million) and general corporate purposes.
Financials (FY March 2025):Revenue ₹968.45 million; Profit After Tax ₹97.88 million; EPS ₹4.37;
Listing:Mainboard IPO on BSE & NSE

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