• Gold demand trends: Demand remains stable across upcoming festive seasons with consumer preference shifting toward 18, 14, and 9-carat jewelry, while retail clients remain on track to open 2,500 new stores over the next two years.
• Studded jewelry targets: The company plans to increase its studded jewelry mix from 1.5% to 5% over the next two years and double its export share from 10% to 20% by expanding reach in the UK, Dubai, Singapore, and Malaysia.
• Diamond market dynamics: Natural diamond jewelry continues to grow at 15–20% annually among luxury buyers, while lab-grown diamonds are creating a separate mid-market consumer base targeting earners making ₹1–5 lakh per month.
• Capex and capacity: Operating at 55–60% utilization on a 1.2-ton-per-month capacity, the company requires no major capex until 2028, when an asset-light rental expansion will require ₹50–75 crore to double capacity.
• Long-term financial guidance: Management reaffirmed its Vision 2030 PAT guidance of ₹945 crore at a 5.25% margin, supported by cross-selling and the ongoing formalization of India's jewelry market toward 75% organized share.