Nityas Gems and Jewellery IPO

SEBI approved the Initial Public Offer (IPO) of Nityas Gems & Jewellery Ltd. on July 23, 2026. The company plans to launch its IPO in the coming months, subject to market conditions and other regulatory approvals. The SEBI approval will remain valid for 12 months. 

The Nityas Gems & Jewellery IPO is a Book Build Issue comprising a fresh issue of up to 1.45 crore equity shares. Since the issue consists entirely of a fresh issue, the funds raised will go to the company. 

The equity shares are proposed to be listed on both the NSE and BSE. Choice Capital Advisors Pvt. Ltd. will act as the Book Running Lead Manager, while Bigshare Services Pvt. Ltd. will serve as the registrar to the issue.

Nityas Gems and Jewellery IPO Important Dates

Yet to be announced. 

About Nityas Gems and Jewellery 

Nitya Gems & Jewellery Limited designs, manufactures and sells gold jewellery studded with lab-grown diamonds in India. The company follows an integrated business model that serves both jewellery retailers and individual customers.

Its B2B business involves manufacturing and supplying jewellery to jewellery retailers based on their inventory and design requirements. Through its subsidiary, Ayaani Diamonds and Jewellery Private Limited (Ayaani), the company also operates a direct-to-consumer (D2C) business, selling jewellery through both physical stores and online channels.

The company manages several stages of the jewellery-making process, including sourcing raw materials, designing products, manufacturing, quality checks, distribution and retail sales. Its product range includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces and bangles. These products are designed for different needs, including bridal jewellery, daily wear, special occasions, men’s jewellery and customised orders.

The company offers jewellery across different price ranges, but mainly focuses on lightweight and affordable lab-grown diamond jewellery, particularly for everyday wear. It also develops fashionable and fast-moving designs to meet changing customer preferences. In addition, the company manufactures customised lab-grown diamond jewellery based on specific requirements from its customers.

Nityas Gems and Jewellery IPO Objectives

1. Total working capital requirements are estimated to increase from ₹250.50 million in FY25 to ₹540.81 million in FY26 and ₹1,283.01 million in FY27. The issue proceeds will help fund these existing and incremental requirements. Thus, the company proposes to use up to ₹700 million from the Net Proceeds to fund this need.
2. The company plans to maintain higher inventory levels to offer a wider range of jewellery designs and ensure timely product availability. Inventory is projected to increase from ₹254.62 million in FY25 to ₹425.27 million in FY26 and ₹881.12 million in FY27.
3. With increasing sales and credit extended to customers, trade receivables are projected to rise from ₹87.52 million in FY25 to ₹220.23 million in FY26 and ₹489.89 million in FY27.
4. A portion of the Net Proceeds will also be used for general corporate purposes, subject to a maximum of 25% of the Gross Proceeds.

Industry Outlook

The company belongs to the gems and jewellery industry. 

1. India’s domestic gems and jewellery market reached around ₹9,998 billion in CY25, growing at a CAGR of 11.2% during CY20–CY25. The market is projected to grow at a 12.8% CAGR between CY25 and CY30.
2. Long-term demand is supported by a growing working population, rising disposable incomes, easier access to credit and improving living standards.
3. Gold accounted for 80% of India’s gems and jewellery market in 2025, followed by diamonds at 10%, silver at 5% and other materials at 5%.
4. India’s retail diamond jewellery market reached approximately ₹623 billion in CY25, registering a 6.4% CAGR during CY20–CY25. It is projected to grow at a 2.8% CAGR during CY25–CY30.
5. Growth in diamond jewellery is expected to be supported by increasing consumer preference for branded and lightweight jewellery, along with greater penetration of organised retail in Tier I and Tier II cities.
6. Lab-grown diamond (LGD) jewellery can have a lower cost base than natural diamond jewellery because production is not subject to the geological scarcity associated with mined diamonds. This can provide retailers with potentially wider gross margins, although actual margins vary by product, sourcing and pricing.
7. Increasing consumer awareness and acceptance of lab-grown diamonds could support their adoption in the jewellery market, particularly among price-conscious consumers.
8. Future growth in the diamond segment could be affected by rough diamond price volatility, fluctuations in global demand and increasing competition from synthetic alternatives.

Financial Performance of Nityas Gems and Jewellery

Nityas Gems and Jewellery Peer Comparison

Strengths and Opportunities for Nityas Gems and Jewellery

1. The company supplies lab-grown diamond-studded gold jewellery to organised and standalone retailers and wholesalers through its B2B business, while its subsidiary Ayaani operates its D2C omnichannel retail business. This model provides access to both retail partners and end consumers.
2. The B2B customer base increased from 29 in FY23 to 74 in FY24 and 108 in FY25, reaching 190 as of September 30, 2025. The company serves customers across 18 states and 2 Union Territories in India and has also supplied customers in the UAE, Australia, Canada, Taiwan and Kenya.
3. The company operates a 7,000 sq. ft. manufacturing facility in Surat, Gujarat, with an installed capacity of approximately 360 kg of lab-grown diamond-studded gold jewellery per year. Its Surat location provides access to an established diamond industry ecosystem and skilled workforce.
4. The company employs 136 in-house Karigars who handle manufacturing and handcrafted jewellery under its quality-control framework. This supports customised orders while providing greater control over product quality, production timelines and manufacturing processes.
5. The global lab-grown diamond jewellery market grew from US$4.06 billion in CY20 to US$6.65 billion in CY24 and is projected to reach US$9.41 billion by CY30. In India, the market is projected to grow at a 15.8% CAGR between CY25 and CY30, reaching ₹71.89 billion by CY30.
6. Revenue from operations increased from ₹116.68 million in FY23 to ₹968.45 million in FY25, while PAT rose from ₹2.45 million to ₹97.88 million during the same period. EBITDA increased from ₹4.88 million to ₹129.01 million, with EBITDA margin improving from 4.19% to 13.32%.
7. The promoters collectively have over 29 years of experience in the jewellery industry and remain actively involved in areas such as design, manufacturing, quality control, sales planning and customer relationships.

Risks and Threats for Nityas Gems and Jewellery

1. The top 10 B2B customers contributed 61.08% of revenue in H1 FY26, down from 76.68% in FY25 and 97.17% in FY23. Loss of or reduced business from major customers could affect revenue and profitability.
2. Gujarat, Karnataka, Telangana, Tamil Nadu and Maharashtra together contributed 82.27% of revenue in H1 FY26. Adverse developments in these key markets could impact business performance.
3. Lab-grown diamonds and gold bullion accounted for 88.82% of total raw material purchases in H1 FY26. Volatility in their prices or supply disruptions could increase costs and pressure margins.
4. The top 10 suppliers accounted for 90.66% of total purchases in H1 FY26. Any disruption from key suppliers or unfavourable changes in supply terms could affect production and costs.
5. All manufacturing operations are concentrated at one facility in Surat, Gujarat. Machinery failure, operational disruptions or quality issues at the facility could affect production and business continuity.
6. Working capital requirements increased sharply from ₹12.42 million in FY23 to ₹461.77 million as of September 30, 2025. Inadequate funding or inefficient management of working capital could strain cash flows.
7. Trade receivables rose from ₹40.64 million in FY24 to ₹263.73 million as of September 30, 2025, while receivable days increased to 36 days. Delayed customer payments could adversely affect liquidity and working capital.

Nityas Gems and Jewellery IPO Reservation

Nityas Gems and Jewellery IPO Promoter Holding

The promoters of Nityas Gems and Jewellery Limited are Rajnikant Chanchad, Savaliya Dhruv Janakbhai, and Sonalben Chanchad.

Nityas Gems and Jewellery IPO Registrar and Lead Managers

Nityas Gems and Jewellery IPO Lead Managers

Choice Capital Advisors Pvt.Ltd.

Registrar for Nityas Gems and Jewellery IPO

Name: Bigshare Services Pvt.Ltd.

 Phone: 8657578989

Email ID: ipo@bigshareonline.com

How To Check the Allotment Status of the Nityas Gems and Jewellery IPO?

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 Milky Mist Ltd. 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.

How To Apply for Nityas Gems and Jewellery IPO Online?

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.

Contact Details of Nityas Gems and Jewellery

Address: Sector-1, 6th & 7th Floor, Ratih House SY-376, TPS 4, PI-7,Paiki Part-B, Parshottam Farm Compound, Opp. Podar Arcade, Varachha Road, A. K. Road, Surat, Gujarat, 395008

Phone: +91 70462 19807

Email ID: cs@nityas.in