Master Chains n Jewels IPO

Master Chains n Jewels Ltd. filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 25, 2026, to raise funds through an Initial Public Offering (IPO).

The IPO is a book-built issue comprising a fresh issue of ₹400 crore and an Offer for Sale (OFS) of up to 59.06 lakh equity shares. The company proposes to list its equity shares on the NSE and BSE.

Systematix Corporate Services Ltd. is the book running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar. The IPO opening and closing dates, price band and lot size are yet to be announced.

Industry Outlook

1. The global gems and jewellery market recorded a CAGR of 5.7% between CY20 and CY24. The diamond-studded gold jewellery segment has gained traction in developed markets such as North America and China, supported by consumer preference for branded and certified jewellery.
2. In CY25, the global gems and jewellery industry was valued at around USD 254 billion, registering a CAGR of 5.5% between CY20 and CY25.
3. Market growth moderated in CY23 compared with CY22 amid economic weakness, geopolitical tensions and regional conflicts. However, the industry is projected to reach approximately USD 332 billion by CY30, supported by economic recovery, rising disposable incomes in emerging markets and growing demand for innovative and ethically sourced jewellery.
4. Gold and diamond jewellery are expected to remain the dominant segments, while alternative materials may gain market share due to affordability and ethical considerations. The expansion of e-commerce and advancements in jewellery design and manufacturing technology are also expected to support industry growth.
5. Gold demand is influenced by global economic conditions, geopolitical developments, investor sentiment and its expanding industrial and technological applications. Gold is widely used in jewellery, technology and central bank reserves, while investors also consider it a safe-haven asset.
6. In CY25, global consumer demand for gold jewellery stood at 1,542.2 tonnes, down 18.3% from 1,886.9 tonnes in CY24. The decline was mainly attributed to record-high gold prices and weaker consumer sentiment in key markets such as China, which affected affordability and encouraged consumers to postpone purchases or opt for lighter jewellery and gold bars and coins.
7. Gold jewellery accounted for 40.8% of overall global gold demand in CY25. India was the largest consumer of gold jewellery, accounting for 31.6% of global demand, with consumption of 430.5 tonnes, ahead of Greater China at 386.1 tonnes.
8. Including gold jewellery and bars and coins, Greater China consumed around 830.3 tonnes of gold in CY25, followed by India at approximately 710.9 tonnes. Other major consuming regions included the Middle East at 271.3 tonnes, the Americas at 229.5 tonnes and Europe at 184.7 tonnes.
9. Gold prices are affected by currency movements. A weakening currency, particularly the US dollar, can increase demand for gold as investors seek a safe-haven asset and protection against inflation and currency risk.
10. Gold supply and prices are also influenced by major gold-producing countries such as China, South Africa, the US, Australia, Russia and Peru. As easily accessible reserves become harder to find, mining companies increasingly need deeper and more complex operations, raising production costs.
11. The Indian gems and jewellery industry is an important contributor to the country's economy, accounting for approximately 7% of GDP and around 15% of merchandise exports.
12. India is the world's largest diamond-cutting and polishing hub, accounting for more than 90% of the world's polished diamond production. The industry includes gold jewellery, diamond jewellery, coloured gemstones and diamond-studded gold jewellery, with gold jewellery being the dominant segment.

Master Chains n Jewels IPO Objectives 

• The company plans to utilise ₹350 crore of the net IPO proceeds towards funding its working capital requirements.
• The remaining proceeds will be used for general corporate purposes, with the specific amount to be determined as per the issue details.

About Master Chains n Jewels Limited 

Incorporated in May 1997, Master Chains N Jewels Limited is a gold jewellery manufacturer engaged in the design, manufacturing, job-work and wholesale distribution of jewellery. The company specialises in lightweight jewellery and offers a diverse range of products, including gold chains, earrings, bracelets, necklaces, chokers, rings, mangalsutras, pendant sets, daily-wear and kids' jewellery in 14K, 18K and 22K gold. It also undertakes customised jewellery manufacturing and job-work services for wholesalers and retailers. 

The company operates two integrated manufacturing facilities in Mumbai, equipped with in-house capabilities for design, CAD, casting, stamping, machine-made jewellery production and quality control. With a portfolio of more than 80,000 designs and a wholesale distribution network covering 23 states and 3 Union Territories, it serves jewellery retailers, wholesalers and multi-store chains across India. The company focuses on innovation, lightweight jewellery trends, technology-led manufacturing and building long-term customer relationships. As of June 30, 2026, it had 196 permanent employees across production, design, sales and marketing, quality control, finance, administration, IT and support functions.

How To Check the Allotment Status of the Master Chains n Jewels IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Master Chains n Jewels IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Master Chains n Jewels IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Master Chains n Jewels IPO 

Registered Office:Master Chains n Jewels Ltd. Address- Unit 1/2, 6th Floor, Plot - 219/221, Mehta Mansion, Sheikh Memon Street, Zaveri Bazar, Kalbadevi

Mumbai, Maharashtra, 400002

Phone: 89768 97663

E-mail:complianceofficer@masterchain.com

Master Chains n Jewels IPO Reservation

Master Chains n Jewels IPO Promoter Holding

The promoters of the company are Madan Sardarmal Kothari, Raj Madan Kothari, Khushbu Raj Kothari and Taruna Madan Kothari.

Master Chains n Jewels IPO Prospectus

• Master Chains n Jewels IPO RHP

Master Chains n Jewels IPO Registrar and Lead Managers

Master Chains n Jewels IPO Lead Managers

• Systematix Corporate Services Ltd

Registrar for Master Chains n Jewels IPO

Bigshare Services Pvt.Ltd.

• Contact Number: 8657578989/8069219065/8069219060
• Email Address: ipo@bigshareonline.com

Financial Performance of Master Chains n Jewels Limited

Master Chains n Jewels Limited Peer Details Comparison

Strengths and Opportunities of Master Chains n Jewels IPO

1. Master Chains N Jewels is among India's leading manufacturers of gold chains and lightweight jewellery, with an established presence in the market.
2. The company operates two manufacturing units in Mumbai with in-house design, CAD, casting, stamping and machine-made jewellery capabilities, enabling scalable production.
3. Its diversified product range is supported by strong design capabilities and a portfolio of more than 80,000 jewellery designs.
4. The company has established relationships with customers and a broad wholesale distribution network covering 22 states, providing access to a wide customer base.
5. Its promoters bring more than 29 years of industry experience and established relationships across the jewellery sector.
6. Increasing consumer preference for lightweight and daily-wear jewellery presents opportunities for the company to expand its product offerings.
7. The ongoing shift towards organised jewellery businesses, driven by demand for branded products and quality assurance, could benefit established players such as the company.
8. The company has opportunities to strengthen its presence in tier-2 and tier-3 cities through expansion of its branch network.
9. Higher disposable incomes and wedding-related jewellery purchases are expected to support overall jewellery consumption in India.
10. The growing shift towards branded, lightweight and contemporary jewellery among consumers creates further growth opportunities for the company.

Risks and Threats of Master Chains n Jewels IPO 

1. Promoters hold 99.98% of the company's pre-issue share capital, resulting in limited public shareholding and participation.
2. The business is working-capital intensive, with inventory days of 45 and debtor days of 33, which may increase its funding requirements.
3. A significant portion of revenue comes from key customers, making the company vulnerable to the loss or reduced business of major clients.
4. Fluctuations in gold prices can increase input costs and may also affect consumer demand for jewellery.
5. The company primarily operates in the wholesale segment and has relatively limited direct exposure to retail consumers, which may restrict its reach in the consumer market.
6. The company's operations are exposed to changes in gold import policies and duties, which could affect procurement costs.
7. The company faces competition from both organised jewellery manufacturers and numerous unorganised players operating in the market.
8. Compliance with regulations such as BIS hallmarking and HUID requirements may increase operational and compliance obligations.
9. Jewellery manufacturing requires skilled artisans and Karigars, creating a risk from labour shortages, rising labour costs or difficulty in retaining skilled workers.
10. Geopolitical developments and fluctuations in international gold prices may affect the company's costs, demand and overall business performance.