Integrated B2B and D2C jewellery player aims to strengthen working capital and scale operations as India's lab-grown diamond market gathers momentum
Mumbai: As consumer preferences increasingly shift toward sustainable and affordable luxury, Nityas Gems and Jewellery Limited is set to tap the capital markets with an Initial Public Offering (IPO) worth up to ₹108.42 crore, opening on September 30, 2026.
The company, which specializes in the design, manufacturing and sale of lab-grown diamond-studded gold jewellery, plans to issue up to 14.45 million equity shares at a price band of ₹70 to ₹75 per share. The issue will close on October 5, 2026, while anchor investor bidding is scheduled for September 29, 2026.
The proposed IPO comes at a time when lab-grown diamonds are emerging as one of the fastest-growing segments within the jewellery industry, driven by younger consumers seeking affordability, ethical sourcing and contemporary designs.
Riding the Lab-Grown Diamond Wave
Headquartered in India with manufacturing operations in Surat, Nityas Gems has built an integrated business model that combines large-scale B2B manufacturing and distribution with a growing direct-to-consumer retail presence.
The company supplies jewellery to organized retailers, wholesalers and standalone jewellers across the country while simultaneously serving end consumers through its subsidiary, Ayaani Diamonds and Jewellery Private Limited.
Its product portfolio spans rings, earrings, pendants, bracelets, mangalsutras, necklaces, bangles and other jewellery categories, with a strategic emphasis on lightweight and affordable designs crafted with lab-grown diamonds.
Industry observers note that this dual-channel approach enables companies to diversify revenue streams while building stronger brand visibility in a highly competitive market.
Expanding Reach Across India and Global Markets
During Fiscal 2026, Nityas Gems served 323 B2B customers, with its distribution network covering 18 states and two Union Territories. The company has also established an international footprint, catering to customers in the United Arab Emirates, Australia, Canada, Taiwan and Kenya.
On the retail front, Ayaani operates an omnichannel model comprising an online storefront and 10 physical stores across eight Indian cities, including company-owned and franchise-operated outlets.
The company believes this combination of manufacturing expertise and retail reach positions it well to capitalize on the growing acceptance of lab-grown diamond jewellery among Indian consumers.
Strengthening Capacity and Design Capabilities
Nityas Gems operates a manufacturing facility in Surat spanning approximately 7,000 sq. ft., with an installed production capacity of around 360 kilograms annually.
A key differentiator is its focus on design. Supported by CAD/CAM technology and in-house designers, the company has developed a portfolio of more than 32,000 jewellery designs, allowing it to rapidly respond to changing fashion trends and customer preferences.
As competition intensifies in the jewellery segment, design-led innovation is increasingly becoming a critical growth driver, especially among younger buyers looking for distinctive yet affordable products.
Financial Performance Reflects Growth Momentum
For Fiscal 2026, Nityas Gems reported revenue from operations of ₹202.89 crore, while EBITDA stood at ₹30.97 crore. The company posted a profit after tax of ₹22.31 crore, translating into an EBITDA margin of 15.27% and a PAT margin of 11.00%.
According to market experts, these profitability levels indicate the company's ability to maintain operational efficiency while expanding its scale in a rapidly evolving segment.
IPO Proceeds to Fuel Expansion
The proceeds from the fresh issue will primarily be utilized to meet the company's working capital requirements and for general corporate purposes.
Commenting on the proposed offering, Rajnikant Lallubhai Chanchad, Chairman and Managing Director of Nityas Gems and Jewellery Limited, said the IPO represents an important milestone in the company's growth journey.
“We have built an integrated platform spanning B2B manufacturing and distribution as well as D2C omnichannel retail in lab-grown diamond-studded gold jewellery. The proposed deployment of the net proceeds towards working capital requirements is intended to support the scale of our operations as we continue expanding our customer base, strengthening our design-led manufacturing capabilities and deepening our presence across channels,” he said.
Echoing this optimism, Ratiraj Tibrewal, Director, Choice Capital Advisors Private Limited, noted that the company has successfully scaled its operations across an integrated business model. He said the fresh issue would support working capital needs and further strengthen manufacturing capabilities.
Looking Ahead
As the jewellery industry undergoes a transformation fueled by changing consumer attitudes and greater acceptance of lab-grown diamonds, companies with integrated manufacturing, design and retail capabilities are attracting increasing investor attention.
Nityas Gems' upcoming IPO is therefore more than a fund-raising exercise. It represents a strategic effort to capitalize on an expanding market opportunity while enhancing production capacity, strengthening distribution networks and reinforcing its position in India's evolving jewellery landscape.
Issue Highlights
- IPO opens: September 30, 2026
- IPO closes: October 5, 2026
- Price band: ₹70 to ₹75 per share
- Issue size: Up to 14,456,000 equity shares
- IPO size: ₹108.42 crore (at upper price band)
- Face value: ₹5 per equity share
- Lot size: 200 shares
- Proposed listing: NSE and BSE
- Lead Manager: Choice Capital Advisors Pvt. Ltd.
- Registrar: Bigshare Services Pvt. Ltd.
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