PC Jeweller is an Indian jewellery retailer built on the simple idea that trust is the product - it sells gold, diamond and silver jewellery where every piece is hallmarked, every diamond is certified, and every showroom has a purity-testing machine on the counter. Founded in 2005 by a jeweller with three decades in the trade, the company started as a pure wedding specialist and has since stretched across every occasion and price point, from bridal sets to daily-wear pieces for young working women. The recurring approach is vertical integration - it designs, makes, checks and sells its own jewellery, cutting out middlemen at every stage - and that same instinct for controlling the chain now drives its push into franchise-led rural expansion and even its own gold mine. # Business segments Three engines at different stages - a domestic jewellery retail network recovering from distress, a government-backed franchise platform targeting rural India, and an early-stage gold mining bet in Africa - each designed to feed the one before it. ## 1. Domestic jewellery retail: the showroom network that makes and sells its own designs **A vertically integrated retailer that designs in-house, manufactures through its own units and artisan partners, and sells across company-owned and franchise showrooms - controlling quality and cost from raw material to customer.** - **Designs what customers want next** - an in-house team creates trend-led collections for weddings, parties and daily wear, using consumer insights to launch lines aimed at Gen Z and millennial tastes, such as lightweight diamond pieces and men's jewellery. - **Makes its own jewellery, unlike many rivals** - four owned manufacturing units plus a network of outsourced artisan craftsmen (karigars) give it control over production that competitors who lack their own facilities do not have. - **Recycles almost half its raw material** - in a typical year, roughly 48% of gold and raw material needs are met by customers exchanging or selling back old jewellery, which reduces the cash needed to buy fresh bullion from the market. - **Sells through four distinct shopfronts** - high-street showrooms for wealthy wedding buyers, mass-market stores in towns of at least half a million people, franchise outlets in Tier-2 and Tier-3 cities, and an online platform for young urban professionals, each with its own inventory mix and pricing. - **Trust is built into the store layout** - every showroom has a 'Karatometer' where any customer can test gold purity on the spot, and all diamond pieces come with a lab certificate detailing weight, colour and clarity. ## 2. Government franchise partnerships: branded shopfronts for rural entrepreneurs **A capital-light expansion engine that turns trained goldsmiths and micro-entrepreneurs into PC Jeweller franchisees, using government schemes to reach villages and small towns where only 4% of rural towns currently have access to branded, quality-tested jewellery.** - **A state-backed rollout in Uttar Pradesh** - under the CM-YUVA scheme, the company has committed to supporting 1,000 jewellery retail franchise units run by trained goldsmith entrepreneurs in rural and semi-urban areas, with the state government formally onboarding the brand onto its portal. - **A national target of two lakh micro-entrepreneurs** - through a partnership with the National Skill Development Corporation, PC Jeweller aims to onboard up to 200,000 micro-entrepreneurs across India over five years, integrating them into its supply chain and giving them a standardised business model, branding and store setup guidance. - **The unorganised sector is the prize** - these franchise models are designed to capture market share from independent, unbranded jewellers without the company having to invest its own capital in new stores, at a time when hallmarking rules and rising consumer awareness are pushing buyers towards branded players. ## 3. Gold mining in Chad: a raw-material hedge under construction **A step-down subsidiary with a one-year artisanal mining licence in the Republic of Chad, creating the possibility of feeding gold directly into the company's own retail supply chain.** - **A licence to dig, granted in April 2026** - PCJ Mining SARL, incorporated in Chad and 66%-owned through a wholly-owned subsidiary, received a semi-mechanized artisanal gold mining licence from the Chadian Ministry of Petroleum, valid for one year and renewable. - **Vertical integration is the logic** - the mining operation is explicitly positioned as creating potential upstream integration, meaning gold extracted could eventually flow into the jewellery manufacturing and retail business rather than being bought from external bullion suppliers. # Group structure and partners **The listed parent company sits above three subsidiaries and a mining venture, while its former lenders became significant shareholders after a debt-for-equity settlement.** - **Three wholly-owned subsidiaries, one active** - Luxury Products Trendsetter owns a Jaipur manufacturing unit that was non-operational during the last financial year due to lender litigation; PCJ Gems & Jewellery had not yet commenced business; and PC Jeweller Global DMCC in Dubai trades jewellery. - **Lenders turned into shareholders** - under the One Time Settlement executed in September 2024 with all fourteen consortium banks led by State Bank of India, part of the outstanding debt was converted into equity, making the lending consortium significant shareholders. - **Promoters hold just under 43%** - following the lender share allotment and a ₹2,702 crore warrant issue that was 93% subscribed by a mix of promoter entities and institutional funds, promoter group holding stood at 42.93% as of December 2024.