- Moksh Ornaments is a specialist manufacturer and exporter of gold jewellery built around a single craft - the Kolkata bangle - and a deliberately lean way of working. Incorporated in 2012 and originally listed on NSE Emerge in 2018 before migrating to the NSE Main Board in 2021, the company is run from Mumbai’s Kalbadevi jewellery hub by two promoters who bring roughly 40 and 20 years of industry experience between them. Everything it does flows from one recurring approach: design the product, get it made by skilled third-party job-workers in Kolkata and Mumbai, hallmark it, and deliver it on time to large domestic retail chains - no factory of its own, just a permanent team of 15 people orchestrating the whole chain.
Business segments
A single jewellery engine - designing, outsourcing manufacture, and wholesaling gold ornaments to India’s biggest retail chains, with a growing export leg - all run from one Mumbai office with no captive plant.
1. Gold jewellery: a Kolkata-bangle specialist serving India’s retail chains
The company designs and delivers gold bangles, chains and mangalsutras to major jewellery retailers across India, using a job-work model that keeps it asset-light while guaranteeing time-bound doorstep delivery.
- A single-product specialist - the company’s letterhead calls it a “SPECIALIST IN MFG & EXPORTER OF KOLKATA BANGLE”, and that focus on a specific regional craft gives it a clear identity with the retail chains that stock its pieces.
- Made by others, to its design - jewellery is manufactured on a job-work basis by third parties in Kolkata and Mumbai, with designs created by outside designers, so the company carries no factory overheads and can scale production up or down with demand.
- Gold sourced where the market is - the key raw material, gold, is procured from banks and the local market in Mumbai’s jewellery hub, giving it proximity to both suppliers and the financial infrastructure that finances bullion.
- Hallmarked and delivered to the door - every piece is hallmarked at BIS-recognised centres, and the company promises time-bound doorstep delivery to its customers, which is how it turns a commodity input into a reliable service for retailers who need shelves stocked.
- Sold to household-name jewellers - its domestic customer list includes Nakshatra Jewellery, P.N. Gadgil & Sons, Ranka Jewellers, Chandukaka Saraf & Sons and Neelkanth Jewellers, and in February 2025 it landed a Rs 120 crore order from Lalithaa Jewellery Mart, a southern chain with more than 55 showrooms.
- Exhibitions and online bring new buyers - participation in the IIJS show in Mumbai generates “tremendous footfall” that feeds the sales pipeline, while a growing online presence is pulling in new users from across India.
Group structure and partners
The company stands alone - no subsidiaries, no joint ventures - though it has begun the process of incorporating a tiny NBFC subsidiary that sits outside its jewellery business.
- A standalone operator - as of the FY25 annual report, Moksh Ornaments has no holding, subsidiary, joint-venture or associate companies, meaning the jewellery business is the entire group.
- An NBFC on the side - in June 2025 the company announced it was incorporating a wholly-owned subsidiary, Moksh Finance And Investments (India) Private Limited, with an authorised capital of Rs 1,00,000, in which it will hold 99.99%; this is a non-banking financial company, not a jewellery venture.
- Promoter ownership consolidated - an inter-se gift in January 2023 concentrated the promoter holding: Amrit Jawanmal Shah now holds 46.16% and Sangeeta Amritlal Shah 8.97%, while the previous generation’s stakes were reduced to nil.
- A related-party workshop link - the company pays labour charges to Hreenkar Creation Pvt Ltd, a firm in which a director has an interest, reflecting the job-work relationships that sit close to the business.