Pushpa Jewellers is a manufacturer that makes lightweight 22-karat gold jewellery for other businesses to sell, not for end consumers. It began in 2009 as a retail shop and later pivoted entirely to a business-to-business model, listing on the NSE Emerge platform in July 2025. The recurring approach is an asset-light, design-led engine: the company creates designs that use up to 30% less gold without sacrificing visual appeal, outsources production to independent artisans, and then sells the finished pieces to a network of over 500 retailers, largely through exhibitions. # Business segments A single engine - 22-karat gold jewellery manufactured for retailers - that reaches domestic shop counters through an exhibition-led sales model and three export markets from a Kolkata design hub. ## 1. Lightweight 22K gold manufacturing: the retailer’s margin engine **The company makes gold jewellery that looks substantial but contains up to 30% less metal, so the shops that buy it can sell it faster and earn more on each piece.** - **Designs that use less gold** - the company’s “stone-weightless” technique reduces the gold weight per design by roughly a third while keeping the piece visually rich, a capability that directly lifts the sell-through rate and margin for the retailer who stocks it. - **A catalogue built for reordering** - every one of the 2,367 designs carries a unique code stored in an internal database, so a retailer who sells a particular ring or necklace well can reorder the exact same SKU with no confusion. - **Made by artisans, not factories** - production is outsourced to independent karigars (craftsmen) in Kolkata who are paid per job; the company supplies the design specifications and runs quality checks before dispatch, keeping its own cost base variable rather than fixed. - **Hallmarked and guaranteed** - every piece carries BIS hallmarking and comes with resale and exchange guarantees, which gives the wholesale buyer confidence that the stock will move without quality disputes. - **Priced for the affordable luxury shelf** - the average product price is about INR 62,000, with items spanning from INR 15,000 earrings to INR 2,90,000 necklaces, positioning the range squarely in the mass-premium segment that drives volume for regional jewellers. ## 2. Exhibition-led distribution: the order book that travels **The company does not wait for retailers to walk into a showroom - it takes the collection to them through exhibitions, collects verbal orders, and then manufactures against that demand.** - **Exhibitions are the primary sales floor** - the company runs exhibitions where retailers view physical samples, place orders on a verbal commitment, and later reorder from the catalogue using the design codes they saw. - **Five branches anchor the geography** - with showrooms or branch offices in Chennai, Hyderabad, and Bengaluru, plus BIS hallmark registrations in those cities and Kolkata, the company has built what it calls formidable reach across South India, servicing more than 500 retailers. - **Repeat orders come from trust** - because manufacturing is done to specific customer orders and the design-coding system makes reordering precise, strong customer relationships turn into recurring business over years. - **Digital tools support the physical sell** - SaaS platforms are used for market research and trend analysis to refresh the product catalogue, while an omni-channel approach combining exhibitions with catalog-driven repeat orders lifted digital sales channels during FY25. ## 3. Exports: a small international window **Three countries - Dubai, the United States, and Australia - receive the same lightweight 22K gold jewellery, supported by the same Kolkata manufacturing base and export-linked customs registrations.** - **Same product, different border** - the jewellery exported is drawn from the same design catalogue and quality infrastructure that serves the domestic B2B business, with no separate export-only production line. # Group structure and partners **A promoter-led, single-entity company with no subsidiaries or joint ventures, run by a family management team and listed on the NSE Emerge platform.** - The company has no holding company, subsidiary, or associate - it is a standalone public limited company. - Promoters Mridul Tibrewal (62.5%) and Anupam Tibrewal (37.5%) held the entire shareholding as of March 2025; Anupam Tibrewal serves as Chairman and Managing Director, Mridul Tibrewal as Whole-Time Director and CEO, and Madhur Tibrewal, a Chartered Accountant, as Whole-Time Director and CFO. - The board includes three independent directors with qualifications in business law, commerce, and company secretarial practice. - Equity shares were listed on the National Stock Exchange of India with effect from 7 July 2025, and the company maintains a Structured Digital Database for insider-trading compliance.