Nanavati Ventures is a diamond trader that sits in the middle of India’s gemstone supply chain - it buys rough and polished stones from domestic suppliers, gets them cut and polished by outside craftsmen on a job-work basis, and sells the finished diamonds to jewellery makers and wholesalers, mostly in Gujarat. The company was founded in 2010 in Surat, the city that processes nine out of every ten diamonds on the planet, and listed on the BSE’s small-company platform in 2022. Its entire approach rests on staying lean - no factories, no exports, no debt, and a headcount that has shrunk to just three permanent employees - while a recent change of control signals an appetite to expand into something broader. # Business segments A single engine - domestic diamond trading - run with a deliberately light footprint, now under new ownership that has signalled wider ambitions. ## 1. Diamond trading: a wholesale middleman in the world’s cutting capital **The company buys diamonds from local suppliers, has them polished by contract workers, and sells to Gujarat’s jewellery trade - it earns the spread without owning a factory.** - **Sourced, not mined** - it procures rough and unpolished diamonds in multiple categories, colours, cuts and sizes from primary and secondary suppliers in the domestic market, so it never bears the cost or risk of extraction. - **Polished by others** - cutting and polishing is done by skilled workers on a job-work basis rather than by the company’s own employees, which keeps fixed costs low and lets it scale up or down with demand. - **Sold to the trade, not the public** - its customers are jewellery manufacturers, department store chains, retail stores and wholesalers, primarily in Gujarat, meaning it operates as a business-to-business wholesaler with no consumer-facing retail. - **Domestic-only, by design** - the company has no foreign exchange earnings, no imports and no exports; its entire business is conducted within India, insulating it from currency swings and cross-border logistics. - **No debt, no heavy assets** - it carries zero borrowings from banks or financial institutions, and its fixed assets are modest enough to be depreciated on the written-down-value method, reflecting a trading model that ties up capital in inventory rather than plant. # Group structure and partners **A standalone company with no subsidiaries and no joint ventures - but a change of control in 2025 has brought in new promoters who intend to reshape the business.** - **No corporate family** - as of March 2025, Nanavati Ventures has no subsidiaries, associates or joint ventures, and it reports only standalone financial results, a position unchanged since at least FY22. - **Loans to outside entities** - despite having no group companies, it has extended loans to several unconnected firms, including ONS Buildtech LLP (Rs. 5.5 crore), The Baroda Rayon Corporation (Rs. 4.16 crore) and Virtuous Cotfab LLP (Rs. 1.1 crore) as of March 2025. - **A wide objects clause** - the company’s memorandum authorises it to trade in everything from machinery and chemicals to bullion and jewellery, and to lend, invest, form partnerships or acquire other businesses, giving the board a broad mandate without needing shareholder approval for each new activity. - **New owners, new direction** - on 30 December 2024, Mrs. Nila Biswakarma and Mr. Samad Ahmed Khan signed a deal to buy 51.69% of the company from the founding promoter for Rs. 12.31 crore, triggering a mandatory open offer to public shareholders at Rs. 90 per share. - **Expansion is the stated plan** - the acquirers have publicly said they intend to expand the company’s business activities for commercial reasons and operational efficiencies, and have reserved the right to modify the business structure, while stating they do not have an intention to delist the shares.