Utssav CZ Gold Jewels Ltd is a B2B manufacturer that turns gold and stones into lightweight, design-led jewellery for retail brands across India - it does not sell to consumers directly. Founded in 2007 as a specialist in cubic zirconia (CZ) 18-karat rose gold casting, the company has since expanded into plain gold, natural diamond, and lab-grown diamond jewellery, all made under one roof in Mumbai. Its recurring approach is to own every step from CAD design to hallmarking, build a vast library of designs that retailers can pick from, and then let those retailers place repeat orders - a model that generates over 85% repeat business. # Business segments A single manufacturing engine that now casts four distinct product lines - CZ gold, plain gold, natural diamond, and lab-grown diamond jewellery - all flowing through the same in-house factory and the same network of 430-plus retail clients. ## 1. CZ gold jewellery: the original factory that everything else is built on **Lightweight cubic zirconia gold jewellery, designed in-house and manufactured without outsourcing, supplied to over 430 jewellery retailers across India.** - **Design is the main sales pitch** - the company employs 50+ CAD designers who generate over 400 new designs every month, feeding a library of over 70,000 creations that retailers browse to order stock their customers will find fresh. - **Rose gold was the wedge** - the company built its name on 18-karat rose gold CZ casting, a niche that set it apart from plain-gold competitors; even as the mix shifts, 18-karat pieces still accounted for roughly 40% of revenue in FY26. - **A national retailer network with deep repeat ties** - the top 10 customers contribute about half of revenue, and marquee names include TBZ, PNG Jewellers, C. Krishniah Chetty Group, and Kalyan Jewellers, with a sales team of more than 20 people servicing 23 states and 2 union territories. - **Ready stock keeps orders flowing fast** - the company holds roughly 150 kilograms of finished inventory, which lets retailers place immediate orders but also means the business consumes cash as it builds stock ahead of demand. ## 2. Plain gold, natural diamond, and lab-grown diamond jewellery: the diversification that fills the same factory **Three new product lines - plain gold casting, natural diamond jewellery, and lab-grown diamond jewellery - approved in August 2025, made on the same machines and sold to the same retailers.** - **One board decision opened three new categories** - in August 2025 the board approved a move beyond CZ-studded pieces into plain gold casting, natural diamond, and lab-grown diamond jewellery, broadening the catalogue without building a new factory. - **Plain gold means chains and studs** - the company now offers 22-karat rings, studs, and Quibin chains and bracelets, all BIS-hallmarked, giving retailers access to everyday gold staples alongside the design-heavy CZ lines. - **Diamonds are sourced, not made** - natural and lab-grown diamonds are bought from outside suppliers, but all setting and finishing is done in-house, so the manufacturing margin stays with the company. - **Lab-grown opens a lower price point** - the company produces lab-grown diamond engagement rings, wedding rings, and studs in 18-karat and select 14-karat pieces, using VVS and EF certified stones to serve retailers who want premium clarity at accessible prices. # Group structure and partners **A single listed entity with two newly approved subsidiaries - one in Dubai for international trade, one in India for manufacturing and trading - and two long-standing associate enterprises that supply goods and services.** - **The parent company is the operating engine** - Utssav CZ Gold Jewels Ltd, listed on NSE Emerge SME in August 2024, runs the Mumbai factory and the domestic B2B network, with no other operating subsidiaries as of FY25. - **A Dubai subsidiary to put product in front of international buyers** - approved in February 2026, the wholly owned UAE entity will let the company showcase collections directly in a global gold and diamond trading hub, rather than relying only on periodic exhibitions.