Retaggio Industries is a jewellery and luxury-goods house that makes, imports, exports, trades and retails ornaments and artefacts - but it did not start that way. Incorporated in January 2022, it originally ran a food business before pivoting entirely into precious metals and heritage objects, listing on the BSE SME Platform in April 2025. The recurring approach is to span the whole value chain - from sourcing raw materials to selling finished pieces - while leaning on the craftsmanship of its artisans as the cornerstone of quality. # Business segments A single luxury-goods platform operating across four product categories - precious metal jewellery, gemstones and diamonds, luxury artefacts, and timepieces - all run from the same Mumbai base with the same sourcing, manufacturing and retailing backbone. ## 1. Precious metal jewellery: the core workshop **The company designs and makes ornaments from gold, silver and platinum, selling them through both mass production and handcrafted custom work - this is where the bulk of the activity sits.** - **Two-speed manufacturing** - automated processes turn out consistent pieces at scale, while a separate handcrafted line makes bespoke jewellery to individual customer specifications, requiring more time and skill. - **Full chain, from raw metal to finished ornament** - the business imports and sources raw precious metals, manufactures necklaces, bracelets, earrings and rings, and then exports, trades or retails the finished pieces, capturing margin at every step. - **Quality rests on the artisans** - the company states plainly that product quality depends largely on the expertise of its manufacturing team, which is why it treats artisan skill as its central asset. - **Commodity prices set the rhythm** - because gold and other raw materials swing in price, and because the business both imports and exports, it is exposed to metal-price and foreign-exchange moves on every transaction. - **Moving into a subsidiary** - in April 2026 the company proposed shifting its manufacturing and retail outlet operations for gems and jewellery into a to be incorporated entity, Lodha Heritage Private Limited. ## 2. Gemstones and diamond trading: the stone desk **The company sources rough and polished diamonds, rubies, emeralds and pearls, grades and processes them, and sells them onward - a trading business that feeds the same collector and retailer networks.** - **Procure, process, place** - it buys stones in rough or polished form, grades and cuts them, then sells to retailers, collectors or directly to end consumers. - **High-net-worth demand is the tailwind** - high-value diamonds and artefacts have drawn increased interest from wealthy individuals and collectors, expanding the addressable market for rare stones. - **Same risk profile as the jewellery arm** - the stone desk faces the same commodity-price, currency and regulatory pressures that run through the precious-metal business, because it too imports and exports. - **Slated for the same subsidiary** - alongside the jewellery manufacturing operations, the retail outlet operations were proposed in April 2026 to move into Lodha Heritage Private Limited. ## 3. Luxury artefacts: the heritage portfolio **The company trades antiques, manuscripts, paintings and objects of art - a sourcing-and-resale business aimed at collectors and high-net-worth individuals.** - **Beyond jewellery** - the product range stretches into cutlery, watches, clocks, antiques, paintings and manuscripts, broadening the company’s luxury footprint into heritage categories. - **Curated and manufactured** - the model encompasses manufacturing, importing, exporting, trading, and retailing of ornaments and jewellery, as well as dealing in antiques, paintings, manuscripts, and objects of art, so the value lies in both production and access. - **Riding the same collector wave** - like high-value diamonds, artefacts have seen growing interest from HNIs and collectors, which supports demand for the one-off pieces the company handles. ## 4. Timepieces and accessories: the watch counter **The company manufactures and trades watches, clocks and related accessories, rounding out its luxury-goods catalogue.** - **Making and moving timepieces** - the business both manufactures and resells watches and clocks, operating within a dedicated Timepieces and Accessories segment. - **Part of the wider luxury spread** - timepieces sit alongside jewellery, stones and artefacts in the company’s product portfolio, giving it a presence across multiple categories of personal adornment and collectibles. # Group structure and partners **The company is tightly held by its promoter group, with a fresh subsidiary created in 2026 to house the core jewellery and gemstone operations.** - **Promoter control** - the holding entity Retaggio Trading Services LLP owned just over 56% of the equity as of March 2025, and increased its stake through a preferential allotment in January 2026, reaching about 32% of diluted share capital when warrants are included. - **A new operating subsidiary** - Lodha Heritage Private Limited was incorporated on 23 April 2026 as a subsidiary, with the plan to transition the manufacturing and retail outlet operations of gems and jewellery into it. - **Warrant-driven capital structure** - the company issued convertible warrants at Rs. 26 apiece, each convertible into one equity share within 18 months, with a quarter of the price paid upfront and the rest on exercise; two entities - Urja Ships and Uniworth Consultants - converted portions of their warrants into equity in March 2026, becoming significant voting shareholders. - **Lean and listed** - the company operates with just four permanent employees on its rolls as of March 2025, is listed on the BSE SME Platform under scrip code 544391, and banks with Indian Overseas Bank in Santacruz West, Mumbai.