Nityas Gems and Jewellery

About the Company

Nityas Gems and Jewellery designs, manufactures, and sells lab-grown diamond-studded gold jewellery in India. The company operates through an integrated business model comprising business-to-business manufacturing and direct-to-consumer retail. Under its business-to-business vertical, it supplies customized and standardized jewellery to organized retail chains, standalone retailers, and wholesalers across multiple Indian states and select overseas markets. Its direct-to-consumer operations are conducted under the brand Ayaani through a subsidiary, featuring an online storefront alongside physical retail stores operated via company-owned and franchise models. The product portfolio includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks, and bangles, with a strategic focus on lightweight, affordable luxury, and daily-wear jewellery segments. Manufacturing operations are conducted at a single facility in Surat, Gujarat, with an installed production capacity of 360 kilograms per annum, utilizing in-house karigars and computer-aided design capabilities for end-to-end jewellery fabrication.

Strengths

• Integrated business model spanning B2B manufacturing and D2C omnichannel retail.
• Rapidly expanding customer network servicing 323 B2B clients across 18 states.
• Design-led manufacturing facility in Surat supported by 122 in-house karigars.
• Strong focus on high-growth, affordable lightweight lab-grown diamond jewellery.
• Scalable financial performance with operating revenues compounding over 94% annually.

Risks

• High customer concentration with top 10 clients driving 55.49% of FY26 revenues.
• Geographic concentration with five key states contributing over 85% of total sales.
• Operations are working capital intensive, requiring significant ongoing funding.
• Heavy reliance on top 10 suppliers who accounted for 86.16% of FY26 purchases.
• All manufacturing operations are concentrated at a single facility in Surat.