Kabra Jewels is a jewellery retailer built on a six-decade family legacy, designing and selling gold, diamond, and silver ornaments through physical showrooms and a growing digital presence. The company was formally incorporated in 2010 and listed on the NSE Emerge platform in January 2025, raising capital to fund its working capital and expansion. Its recurring approach is an asset-light model-leasing all its showrooms and engaging local artisans for manufacturing-which keeps the business focused on design, customer experience, and brand-building rather than owning real estate or running factories. # Business segments A single jewellery retail engine, expressed through distinct storefronts and product lines that serve different customer needs-from bridal gold to loose solitaires to silver e-commerce-all run on the same asset-light operating backbone. ## 1. KK Jewels: the flagship gold and diamond showroom brand **This is the core of the business, anchored by bridal and diamond collections that brought in roughly three-fifths of total revenue in FY25, sold through a growing network of leased showrooms.** - **Bridal and diamond jewellery drives the revenue** - gold and diamond ornaments sold under the ‘KK Jewels’ brand, with bridal and diamond collections alone accounting for 59.95% of total revenues in FY25, making high-value occasion wear the engine’s centre of gravity. - **Asset-light, from making to real estate** - the company designs its jewellery in-house but outsources manufacturing to local artisans, and every retail location operates on a lease, so capital is deployed into inventory and brand rather than factories or property. - **Gold prices shape the economics** - when gold prices rise, the company’s revenue rises because the selling price of jewellery goes up, but the cost of gold and labour charges also rise, so the percentage of profit relative to sales volume adjusts accordingly. - **Expanding the physical footprint** - the company operated seven showrooms as of mid-2025, including a new 1,500-square-foot store on Science City Road in Ahmedabad opened in June 2025, stocked with an estimated 25-30 kilograms of gold jewellery and roughly 300 kilograms of silver items, and staffed by a team of 12. A showroom in Gandhidham has been non-operational since April 2024. - **Eyeing new markets and channels** - the company plans to open stores outside Ahmedabad with a long-term goal of a pan-India presence, and is exploring B2B and export markets, having recently participated in an exhibition in Saudi Arabia. The Managing Director also intends to run live video sessions targeting NRIs, who tend to buy large items during wedding season but purchase smaller pieces from local jewellers abroad. ## 2. Only Solitaire: loose diamonds for the standalone buyer **A focused brand for customers who want to buy a solitaire diamond on its own, separate from a finished piece of jewellery.** - **A distinct purchase occasion** - the company sells loose solitaire diamonds under the ‘Only Solitaire’ brand, catering to buyers who prefer to select a stone independently before having it set, rather than buying a pre-made ring or pendant. ## 3. 3D Illusion Diamond Jewellery: the look of a large stone at a lower entry price **A product line that uses a mix of smaller natural diamonds to create the visual effect of a single large solitaire, starting at around ₹3 lakh.** - **Engineering the illusion** - launched in June 2025, the collection combines natural round and baguette diamonds arranged to mimic the appearance of a much larger solitaire, making a high-impact look accessible at a lower price point. - **Shape variety widens the appeal** - the line can incorporate marquise, princess, heart, pear, and round diamond shapes, giving customers design flexibility within the illusion concept. ## 4. Chandi Mahal by KK: silver jewellery with its own digital storefront **A dedicated silver brand backed by an e-commerce website that delivers nationwide, extending the company’s reach beyond its physical showroom cities.** - **Silver gets its own identity** - the company sells silver ornaments, coins, utensils, and artifacts under the ‘Chandi Mahal by KK’ brand, separating the silver offering from the gold and diamond flagship. - **Online-only, nationwide delivery** - a dedicated e-commerce website launched in October 2025, built as a fully responsive platform optimised for all devices, so customers anywhere in India can buy silver jewellery without visiting a showroom. # Group structure and partners **A promoter-led, standalone company with no subsidiaries or joint ventures, and a board that blends family leadership with independent directors.** - **No group entities** - the company has no holding company, subsidiary, associate, or joint venture, making it a single standalone entity. - **Promoter family at the helm** - as of March 2025, the promoter and promoter group held a combined stake that includes Mr. Kailash S. Kabra (38.15%), Mrs. Jyothi Kailash Kabra (13.73%), Sarojdevi Kabra (6.10%), and Satyanarayan J Kabra (4.54%). Mr. Kailash Kabra serves as Chairman and Managing Director, while Mrs. Jyothi Kabra and Mr. Anand Thakkar serve as Director and Executive Director respectively. - **Borrowings secured by promoter assets** - the company’s long-term borrowings include secured term loans from banks where the collateral is property owned by directors, including two Kotak Mahindra Bank loans totalling roughly ₹12.9 crore secured by properties owned by Mrs. Jyothi Kabra in Bangalore, and a loan from Ratnaafin Capital secured by a property owned by Mr. Kailash Kabra in Mehsana.