Amanaya Ventures Limited is an Indian-listed precious metals specialist transitioning from a traditional domestic bullion trader into a technology-driven, global trading house. The company operates an integrated ecosystem encompassing physical bullion trading, digital-first retail solutions, and high-end jewellery manufacturing. --- ### **Core Business Segments & Revenue Streams** The company’s operations are structured to capture value across the precious metals lifecycle, moving away from speculative models toward delivery-backed transactions. * **Bullion Trading (Spot & Digital):** The primary revenue driver, focusing on the buying and selling of physical gold and silver. This includes high-volume trading via the **MCX (Multi Commodity Exchange)** and direct B2B supply to retail jewellers. * **Aurel Heritage Jewellery:** A niche manufacturing and trading segment based in **Amritsar, Punjab**, specializing in **Antique Jadau Jewellery**. This segment leverages traditional craftsmanship for high-margin B2C sales. * **Corporate Advisory Services:** A strategic vertical providing financial and business advisory, complementing the company’s core commodity expertise. * **Customised Jewellery Sourcing:** Launched in **FY 2024-25**, this **asset-light model** partners with wholesale houses to provide bespoke wedding jewellery without the overhead of heavy inventory manufacturing. --- ### **Product Portfolio & Brand Positioning** Under its proprietary brand **"Aurel Forever Yours!"**, the company targets both the gifting and high-net-worth investment segments. * **24K Gold & 999 Silver Bars/Coins:** Offered in denominations of **1g, 2g, 5g, 8g (Guinea), 10g, 20g, 50g, and 100g**. * **Market Dominance:** Minted bars of **100g or less** constitute **90-95%** of the company's bullion market share. * **Seasonality:** Approximately **30-40%** of coin sales are concentrated during major Indian festivals, including **Diwali, Dhanteras, and Akshaya Tritiya**. * **Value Proposition:** The company allows customers to convert accumulated gold into jewellery at making charges of **5-10%**, significantly lower than the industry standard of **25%+**. --- ### **Omnichannel Distribution & AI Integration** Amanaya Ventures utilizes a "Phygital" (Physical + Digital) strategy to reach urban millennials and traditional B2B clients. * **Aurel Bullion App:** A B2B and B2C platform providing **live bullion rates**, facilitating physical trading, and enabling rate-locking. * **Aurel Bullion Pro:** India’s first **ChatGPT-powered AI assistant** designed to support bullion trading, contract booking, and customer queries. * **E-commerce Presence:** Direct sales via **www.aureljewels.com** and third-party visibility through **IndiaMART**, **Amazon**, **Flipkart**, and **Snapdeal**. Online marketplaces currently account for **3-5%** of sales but are identified as a high-growth area. * **Systematic Accumulation Plans:** * **Aurel Gold Purchase Plan (GPP):** Monthly savings starting at **₹3,000**. * **Aurel Silver Purchase Plan:** Monthly savings starting at **₹1,500**. * **Micro-investing:** Digital platforms enable accumulation for as low as **₹100**. --- ### **Global Expansion & Trade Agreements** The company is aggressively expanding its international footprint to leverage India’s recent trade treaties. | Metric / Initiative | Details | | :--- | :--- | | **Key Export Markets** | **Dubai (UAE)** and **Australia** | | **Trade Agreements** | **CEPA** (UAE) and **ECTA** (Australia) for preferential duty rates | | **Export Earnings (FY25 H1)** | **₹98.08 Lakhs** (Significant growth from **₹19.99 Lakhs** in FY24 H1) | | **Strategic Goal** | Transitioning into a diversified global trading house for food grains, rubber, and engineering products. | --- ### **Financial Structure & Capital History** The company maintains an **asset-light model**, operating from leased premises to maximize capital efficiency. * **Listing & IPO:** Completed an IPO in **March 2023**, issuing **12,00,000 shares** at **₹23 per share**. * **Capital Base:** Paid-up share capital stands at **₹3.74 Crore**, consisting of **37,39,000 Equity Shares** (Face Value **₹10**). * **Investment Mandate:** The Board has authorized an investment/loan limit of up to **₹30 Crore** for strategic growth and group entity support. * **Audit Status:** Financials are compliant with **IndAS**; the most recent audit for **FY25** received an **unmodified opinion**. --- ### **Governance & Related Party Framework** The company maintains long-term leadership stability and transparent related-party disclosures. * **Leadership:** **Mrs. Rajni Mahajan** (MD) and **Mr. Manan Mahajan** (WTD & CFO) have been re-appointed for terms running from **July 2025 to July 2028**. * **Related Party Receivables:** As of late 2024, receivables included **₹19.91 Lakhs** from **Rawaat AL Dewan Gold & Jewellery Trading LLC** (UAE) and **₹134.91 Lakhs** from **Amanaya Precious Metals LLP**. * **Internal Controls:** Maintains an internal audit function to monitor compliance with accounting procedures and **GST-paid invoice** mandates. --- ### **Risk Matrix & Strategic Challenges** Management is currently navigating a high-price environment that places unique strains on the bullion business model. | Risk Category | Primary Drivers | Impact & Mitigation | | :--- | :--- | :--- | | **Liquidity & Capital** | Gold > **₹1,00,000/10g**; Silver > **₹1,00,000/kg** | High prices increase **working capital locks** and hedging margins. | | **Regulatory Hurdles** | **IIBX** Net Worth Norms | Requires **~₹25 Crore net worth** to achieve **Qualified Jeweller** status. | | **Market Competition** | **Sovereign Gold Bonds (SGBs)** | Digital/Paper gold alternatives compete with physical investment demand. | | **Asset Quality** | Default by **PWIP** | Resulted in a **₹2.58 Lakhs** bad debt write-off in FY25; police complaint filed. | | **Macroeconomic** | **U.S. Tariffs** & Geopolitics | Potential for margin compression and disruption of international trade flows. | --- ### **Future Outlook** Amanaya Ventures is positioning itself as a compliant alternative to speculative trading. By focusing on **100% physical delivery** and leveraging **AI-driven trading tools**, the company aims to capture market share from traditional refineries and unorganized players. The strategic pivot toward becoming a **diversified export house** (including non-precious commodities) suggests a long-term goal of de-risking the portfolio from purely precious metal price volatility.