ADVIT JEWELS LIMITED
Advit Jewels
Profile of the company
The company is a manufacturer and seller of traditional and contemporary handcrafted fine jewellery, specializing in Kundan, Polki, Diamond and Studded pieces. Its brand name ‘Rambhajo’ finds its roots in a jewellery business established in 1921. The brand name evolved steadily into a well-known brand in the jewellery manufacturing and retail space in Jaipur, Rajasthan. In order to carry on the business in a corporate structure, the Company was incorporated as a private limited Company in the year in 2019, to carry forward the legacy of Rambhajo brand.
With its expertise in craftsmanship and a keen understanding of changing customer tastes, it blends traditional methods with contemporary designs to create jewellery that feels both timeless and relevant. Its pieces are crafted using handmade techniques, but it also incorporates modern design elements, ensuring each item is not only beautiful but also reflects a rich cultural heritage. The result is jewellery that is elegant, meaningful and appeals to both classic and modern sensibilities.
Its offerings include necklaces, earrings, rings, bangles and customized jewellery pieces. It works primarily with gold, diamond polki, and coloured stones and are known for its work in Kundan and Polki. It does innovation and designing every day by blending different art forms from different locations in the world. Its every design is unique and is not repeated. Its products are designed in both 14 Carat and 18 Carat gold depending on its customer preferences. It largely operates on a B2B model, serving dealers, showrooms and jewellery retailers. At the same time, it does cater to B2C customers for exclusive, made-to-order pieces.
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Industry overview
The gems and Jewellery retailing sector in India are one of the largest in the world, deeply rooted in cultural traditions and driven by strong consumer demand for gold, diamonds, and other precious stones. Jewellery retail accounts for a significant share of India’s overall luxury and lifestyle market, with gold Jewellery forming the backbone of consumption due to its dual role as both adornment and investment. The sector is highly fragmented, with a large presence of family-owned regional Jewelers alongside a rising share of organized players, including national chains and branded showrooms. This shift toward organized retail is being fueled by urbanization, evolving consumer preferences, and growing trust in certified quality and hallmarking.
India’s gems and jewellery retail landscape is a powerful economic pillar constituting approximately 7% of the nation’s GDP and employing between 4.6 to 5 million people across the value chain. The sector is a global powerhouse, contributing around 15% of India’s merchandise exports and handling 75% of the world’s polished diamond exports. It is marked by a mix of time-honored family-owned regional jewelers and a rising tide of organized, branded retailers. These branded players are gaining ground thanks to rising urbanization, consumer preference for certified (hallmarked) jewellery, and growing trust in quality standards.
India’s gems and Jewellery sector stands at the confluence of cultural reverence and evolving economic dynamism. Deeply embedded traditions, especially around weddings and festivals are increasingly complemented by a rising middle class, growing disposable incomes, and accelerating retail modernization. As consumers seek both meaningful and aspirational purchases, demand patterns are being shaped by macroeconomic growth, celebratory milestones, gifting cultures, and institutional trust mechanisms like mandatory hallmarking. Together, these drivers create a stable yet adaptable demand environment that reflects both enduring values and contemporary consumption behaviors.
Pros and strengths
Blend of traditional and Modern Manufacturing process: The company’s manufacturing facility combines traditional craftsmanship with cutting-edge technology to produce handcrafted Kundan and Polki jewellery efficiently. It also utilizes advanced equipment such as laser cutting and engraving systems, casting units, progressive and hydraulic press dyes, and 3D printing capabilities. These modern machines are used to transform intricate CAD designs into desired pieces of jewellery in the same facility. This centralized production model allows the company to manage the entire process in-house, ensuring greater operational efficiency, stringent quality control, enhanced security, and optimized costs. Advit jewelers’ manufacturing process of handcrafted jewellery is supported by a large team of skilled artisans and designers.
Diversified product offerings across various customer segments: The product collection includes Antique, Bridal, Traditional, Contemporary, and Fusion styles, spanning various price ranges, occasions, and age groups. The skilled artisans, designers the company is capable of creating unique collections that appeal to various customers. The in-house manufacturing and inventory systems supports the management of wide range of ready-to-sell products for wholesale buyers, enable supply repeat orders, and thus build better B2B relationships. The product development process of the company is based on the customer needs and market demand which is helping the company stay relevant and increase its revenue.
Robust operational systems and risk mitigation framework: The business of Advit Jewels is built on internal systems that ensure consistency, compliance, and protection against risks in all areas of operation. Gold is sourced only from authorized bullion suppliers and the security measures protecting it includes 24/7 CCTV surveillance, burglar alarms, fire safety systems, secure storage rooms, and trained security staff. The company also has comprehensive insurance coverage, including protection against theft, terrorism, and natural disasters, to safeguard its operations and assets.
Unwavering commitment to quality: Its promoters have a legacy of 100 years in the jewellery industry which they have inherited this their generations. Quality is at the heart of everything it offers. Whether it's a custom order or a regular product, each piece is carefully crafted, checked at multiple stages and delivered on time. This strong focus on quality builds customer trust, supports its brand image and strengthens its reputation in the long run.
Risks and concerns
Rising raw material costs could adversely affect margins and profitability: The company relies on the timely and adequate procurement of raw materials, including gold, diamond polki and other precious and semi-precious stones, for the manufacturing of its jewellery products. The cost of these raw materials comprises 99.85%, 99.66%, 99.95%, 99.76% of total cost of material consumed in production of product for the period ended on December 31, 2025 and for the fiscal years ended on March 31, 2025, 2024 and 2023 respectively. Any non-availability or significant increase in the cost of gold, diamond polki, and other precious or semi-precious stones and absence of long-term contracts with its suppliers could adversely affect its business, results of operations, financial condition and prospects.
High Dependence on top customers: The company’s customer base currently comprises of various national retailers, regional retailers and family jewellers. It derives a substantial portion of its revenues from Top 10 customers. Revenue from its top 10 customers contributed around 56.49%, 54.17%, 43.06% and 75.47% of its total revenue for the period ended on December 31, 2025 and for the Fiscal Years ended on March 31, 2025, 2024 and 2023, respectively. Consequently, its business is significantly dependent on the continued patronage of these customers and it expects that it will continues to be reliant on its top customers for the foreseeable future. The loss of one or more such customers, deterioration of their financial condition, any cancellation or delay of orders or its inability to meet their expectations could adversely affect its business, results of operations and financial condition.
Dependence on key suppliers for raw material: The company’s raw materials are gold, diamond polki and other precious and semi-precious stones. It procures its raw material through purchase orders and does not enter into any long-term agreements with its suppliers. It derived more than 93.55%, 86.96%, 79.98% and 88.36% of its total cost of raw materials from its top 10 suppliers for the period ended on December 31, 2025 and for the fiscal years ended on March 31, 2025, 2024 and 2023 respectively. Any delay or disruption in supply from these suppliers or any failure of the company to maintain good business relations and continued arrangements with such suppliers may adversely affect its results of operations and financial condition.
Seasonal demand fluctuations may impact revenue and operating performance: Its business is subject to seasonal fluctuations and any decline in sales during peak seasons may disproportionately impact its results of operations. India’s gold Jewelry demand follows a well-defined seasonal cycle, closely linked to weddings, festivals, and rural income patterns. Demand typically peaks twice a year. The first surge occurs between April and June, driven by the summer wedding season and the auspicious festival of Akshaya Tritiya, which boosts purchases in both urban and rural regions. The second, and generally longer, peak spans September to January, supported by post-harvest income inflows, Diwali celebrations (including Dhanteras), and the winter wedding season, all of which encourage heightened buying activity. Any adverse developments during these key seasons such as weakened consumer sentiment, delays in weddings or festivals, supply chain disruptions, regulatory changes, or inflationary pressures could lead to a decline in seasonal sales.
Outlook
Founded in 2019, in city of Jaipur, Advit Jewels brings the distinguished traditional jewellery roots which spans over 100 years. The company manufactures and sells traditional and contemporary jewellery made mostly with gold, diamonds and coloured stones. The company creates jewelry using traditional craftsmanship methods while incorporating modern design elements to reflect both contemporary style and cultural heritage. Its core strength lies in innovative designs and customization based on consumer preferences. On the concern side, it derives a substantial portion of its revenue from B2B sales which accounts for 82.60%, 81.63%, 66.01% and 87.30% of its total revenue for the period ended on December 31, 2025 and for the fiscal years ending March 31, 2025, 2024 and 2023 respectively. Its major dependency on B2B sales may adversely affect its business, results of operations, and financial condition. Further, significant fluctuations or sustained increase in the price of gold may adversely affect its business, operations and profit margins and financial condition.
The issue has been offering 1,19,68,000 shares in a price band of Rs 130-138 per equity share. The aggregate size of the offer is around Rs 155.58 crore to Rs 165.16 crore based on lower and upper price band respectively. Minimum application is to be made for 100 shares and in multiples thereon, thereafter. On performance front, the company’s total revenue has increased by 79.90% to Rs 12,494.47 lakh during Fiscal Year 2024-25 from Rs 6,945.25 lakh during Fiscal Year 2023-24. Its Profit after Tax for FY 2024-25 has increased to Rs 2,536.71 lakh from Rs 1,471.04 lakh in FY 2023-24 i.e. 72.44%.
Meanwhile, enhancing its financial capabilities is crucial for driving the expansion of its business operations. Its business model is inherently working capital intensive, as the scale of operations is directly dependent on the volume of inventory it holds. Gold, which is its principal raw material, is sourced from the open market and requires immediate cash payment at the time of purchase. This creates a significant demand for liquidity at the procurement stage itself. To effectively expand the scale of its operations, diversify its product portfolio, and ensure uninterrupted procurement of raw materials, it is imperative to strengthen its financial resources. Greater access to liquid funds will not only enable to manage these working capital requirements more efficiently but also provide the flexibility to seize growth opportunities in a timely manner.
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