Mini Diamonds (India) Ltd is a diamond house that has transformed itself from a traditional natural-diamond trader into a technology-led manufacturer betting its future on lab-grown gems. Founded in 1987 and listed on the Bombay Stock Exchange since 1991, the company started by cutting and polishing natural stones and has progressively built a vertically integrated operation that now grows its own diamonds, sets them into finished jewellery, and sells directly to consumers through its own stores and website. The recurring approach is to control more of the value chain-from rough crystal to the retail counter-so it can capture margin at every step rather than just one. # Business segments A single engine with four deeply connected stages-growing the rough, cutting and polishing the stone, manufacturing the finished jewellery, and selling it directly to the consumer-each stage built to feed the next. ## 1. Lab-grown diamond production: the engine that makes its own raw material **The company grows its own diamonds using advanced CVD technology, securing priority access to rough supply while moving toward complete in-house production.** - **Priority rough supply locked in** - two separate MOUs with specialist growers give the company first call on a combined monthly output of roughly 40,000 to 55,000 carats of lab-grown rough diamonds, so it is not dependent on the open market for its feedstock. - **In-house growing for larger stones** - the company has started manufacturing its own larger lab-grown diamonds, ranging from half a carat up to ten carats, using chemical vapour deposition (CVD) technology, which improves quality control and keeps more margin inside the business. - **A design library that shortens time-to-market** - with over 5,000 in-house jewellery designs already created, the company can translate a market trend into a commercially ready collection faster than competitors who design from scratch for each order. ## 2. Diamond cutting and polishing: the craft that turns rough into revenue **The company cuts and polishes both natural and lab-grown diamonds at its Mumbai facility, using a lean in-house team supplemented by a network of specialist job-work partners.** - **Machines do the heavy lifting** - the Dahisar factory runs Sarin planning technology, auto-bruiting machines, semi-automatic polishing mills, and sawing machines, so stones are mapped, shaped, and finished with precision that manual methods cannot match. - **Job-work partners provide flexible capacity** - rather than carrying a large permanent workforce, the company uses specialist contractors across key manufacturing hubs, keeping its on-roll team lean while more than 20 freelance professionals handle design, quality, and compliance. - **Faster inventory turns as a deliberate strategy** - the company nearly halved the time its stock sits on the shelf, with the inventory turnover ratio improving from 7.1 to 11.81 in a single year, because it prioritises rapid churning of stock in a market where diamond prices move fast. ## 3. Jewellery manufacturing: where stones become finished products **The company sets its own polished diamonds into gold, silver, and other precious metals at a dedicated manufacturing unit, creating finished pieces for both wholesale and retail channels.** - **A separate factory for studded jewellery** - the unit at Nitin Industrial Estate in Dahisar houses professional artisans and cutting-edge machinery dedicated solely to making finished jewellery, distinct from the stone-cutting facility. - **New lines broaden the customer base** - in the most recent year, the company introduced diamond-studded jewellery and silver jewellery ranges, expanding beyond its traditional polished-stone offering to capture demand for wearable finished products. - **Design refresh cycles that chase trends** - the company targets millennials who want versatile, branded pieces, and it uses mature design capabilities with faster refresh cycles to respond to trends like coloured diamonds, mismatched stones, and asymmetric earrings before they fade. ## 4. Namra Jewels: the direct-to-consumer retail and e-commerce arm **The company sells its lab-grown diamond jewellery straight to consumers through its own branded stores and website, capturing the retail margin that would otherwise go to a third-party jeweller.** - **A flagship store in Mumbai’s prime retail district** - the first Namra Jewels store opened at Atria Mall in Worli in October 2024, offering an exclusive collection of 14-karat gold and lab-grown diamond pieces under the brand line “Opulence Redefined”. - **An e-commerce platform for global reach** - the subsidiary announced plans to officially launch its exclusive e-commerce platform on 4th August 2025, offering BIS-hallmarked and IGI-certified jewellery directly to consumers, with digital marketing through search engines, social media, and email campaigns intended to drive traffic. - **A franchise model to multiply store count** - on June 02, 2026, the company announced plans to expand through a franchise-owned, franchise-operated model, charging a nominal franchise fee of ₹5 lakhs with estimated total investment below ₹2 crore for Tier-1 cities and below ₹1.5 crore for Tier-2 cities. - **Exhibitions as a customer-acquisition channel** - Namra Jewels showcases its collections at upscale exhibitions, including one in Ahmedabad, using curated in-person events to introduce the brand to new buyers. # International distribution partnerships **The company has signed strategic distribution agreements with established jewellery players in the United States, Dubai, and Canada, giving it immediate access to the world’s largest lab-grown diamond markets without building its own overseas salesforce.** - **A partner on the ground in America** - ARK Diamonds Inc., based in New Jersey, handles sales, marketing, and order procurement for the company’s sterling silver and gold lab-grown diamond jewellery across the USA, which the company calls the biggest market for lab-grown diamond jewellery. - **Dubai as a gateway to the Middle East** - A V PALACE DMCC, operating from Almas Tower in Jumeirah Lakes Towers, distributes the company’s jewellery through both wholesale and direct-to-consumer channels in Dubai and neighbouring regions, with the first consignment shipped under this arrangement in March 2025. - **Canada secured through a Toronto-based partner** - Parasmani Inc., a jewellery company with over a decade of experience in the Canadian wholesale market, markets and promotes the company’s lab-grown diamond jewellery to its network of retailers, wholesalers, and distributors, and placed the company’s first-ever export order for 14-karat gold lab-grown diamond jewellery-2,000 pieces-in September 2024. # Group structure and partners **The company operates as a single-segment parent with two wholly-owned subsidiaries-one active in retail, one yet to commence operations-and a web of strategic partnerships that extend its reach without equity commitments.** - **Namra Jewels Private Limited** - incorporated in July 2024 as a wholly-owned subsidiary, this is the active retail and e-commerce vehicle that runs the flagship Mumbai store and the namrajewels.com website. - **Pyramid Gold Assaying & Hallmarking Centre Private Limited** - incorporated in August 2024 with the company holding a 75% stake, this subsidiary had not started business as of March 2025 but is positioned to offer hallmarking and assaying services. - **A hallmarking revenue-share arrangement** - in December 2025, the company struck a deal with Pyramid Gold Auxiliary Services LLP, taking responsibility for marketing and business development in return for a share of revenue, which lets it offer hallmarking, assaying, and touch-testing services to its jewellery customers. - **A related-party venture in silver jewellery** - the board approved acquiring a 51% partnership interest in Dazzling Concepts LLP, a sterling silver lab-grown diamond jewellery entity whose designated partner is the company’s own promoter, though it had yet to begin operations. - **International partners with no equity ties** - the distribution agreements with ARK Diamonds (USA), A V PALACE DMCC (Dubai), and Parasmani (Canada) are strategic business arrangements that give the company market access without disclosed equity stakes or capital commitments.