Sky Gold and Diamonds Limited stands as a prominent name in India's jewellery manufacturing sector, having carved a distinctive niche through its business-to-business model and innovative design capabilities. The company is engaged in the business of designing, manufacturing, and marketing gold jewellery, following a B2B model where products are mainly sold to mid-range jewellers and boutique stores who sell these products through online platforms and retail stores.
Founded in 2005, Sky Gold and Diamonds Limited is an Indian company primarily engaged in the designing, manufacturing, and marketing of gold jewelry, operating mainly on a B2B model where products are sold to mid-range jewelers and boutique stores that retail both online and offline. The company has demonstrated a remarkable growth trajectory, establishing itself as a significant player in the jewellery manufacturing space with a strong domestic and international presence.
The Company mainly deals in 22 Karat gold jewelry, offering a wide variety of designs to suit the preferences of the end customer. They provide an extensive range of designs and also use studded American diamonds and/or colored stones in many of their jewelry products. The company's strategic approach focuses on serving mid-range jewellers and boutique stores, creating a robust distribution network that spans both online and offline retail channels.
The company has an in-house ~80 Member Design Team and ~2000-2500 designs are floated every month. The catalogue is exhibited to corporate purchasers monthly. This extensive design capability enables Sky Gold to maintain its competitive edge in the market by continuously offering fresh and innovative jewellery designs that cater to evolving consumer preferences.
The company's manufacturing operations are strategically located in Mumbai, with the facility being 2740 sq. ft. located in the heart of Mumbai- Mulund West. This reduces the turn-around time from order receipt to delivery to only 72 hours. This efficient operational setup allows for rapid response to customer demands while maintaining quality standards.
The company operates with a robust manufacturing capacity of 12.6 tonnes per year. Its products are widely available, with a presence in over 2,000 retail outlets across India and more than 500 outlets globally, ensuring strong market reach and customer accessibility. The company has ambitious plans for capacity expansion, with investments in IT, automation, and ERP systems positioning them to achieve their long-term revenue target of INR 6,300 crores by FY27 and expand their production capacity to 1,050 Kgs/month within the next three years.
The company expects to reach monthly production volumes of 375-400 kg by the end of FY25. Sky Gold also projects reaching 550-600 kg per month by FY26. This progressive scaling of production capacity demonstrates the company's commitment to meeting growing demand while maintaining operational efficiency.
The company has exclusive designs across 14 Product categories. Their Fast Moving Segment has an average ticket size of Rs. 50,000. The diverse product range includes various jewellery categories designed to cater to different market segments and price points.
Sky Gold and Diamonds Limited offers a wide range of high-end fashion jewelry, including necklaces, earrings, bracelets, and rings, mainly crafted in 22 KT gold. The company has a strong global presence, exporting its products to Asia, the Middle East, Europe, the UK, the US, and Australia, showcasing a perfect mix of craftsmanship and innovation.
The company has established partnerships with leading jewellery retailers, with Sky Gold collaborating with leading jewellery retailers like Malabar Gold and Diamonds, Joyalukkas, Kalyan Jewellers, GRT Jewellers, and Senco Gold, making its products available in over 2000 showrooms across India.
For the full year, net profit rose 227.72% to Rs 132.66 crore in the year ended March 2025 as against Rs 40.48 crore during the previous year ended March 2024. Sales rose 103.27% to Rs 3548.02 crore in the year ended March 2025 as against Rs 1745.48 crore during the previous year ended March 2024.
Net profit of Sky Gold & Diamonds rose 180.46% to Rs 38.17 crore in the quarter ended March 2025 as against Rs 13.61 crore during the previous quarter ended March 2024. Sales rose 106.12% to Rs 1058.17 crore in the quarter ended March 2025 as against Rs 513.38 crore during the previous quarter ended March 2024.
- Revenue FY25: ₹3,548 crore
- Net Profit FY25: ₹132.66 crore
- Market Cap: ₹4,801.45 crore (as of June 27, 2025)
- ROE: 28.6 percent
- ROCE: 23.4 percent
- Debt-to-Equity: 0.92x
The company expects its revenue to grow from Rs. 3,548 crore in FY25 to Rs. 5,400 crore in FY26, and further to Rs. 7,600 crore in FY27 (higher than the earlier Rs. 7,200 crore estimate), representing a growth of approximately 114 percent compared to FY25.
The company has guided for a net profit (PAT) of Rs. 340 crore in FY27, representing a growth of approximately 156 percent compared to FY25, with a PAT margin of 4 percent in FY26, 4.5 percent in FY27, and a long-term goal of 5 percent. EBITDA margin is expected to reach 6.2–6.3 percent in FY27.
Currently, diamonds contribute just 1 percent of total revenue, but the company aims to increase this to 4 percent by FY27. It also plans to grow its advanced gold segment to 10 percent of revenue by FY27 and 30 percent by FY29–30.
Sky Gold has incorporated a wholly owned subsidiary - Sitaare Gold and Diamonds on January 22, 2025. The new company will be engaged in the business of wholesaling and retailing of gold & silver jewellery and ornaments.
Recognizing the strong demand for high-quality jewelry in the Middle East, particularly in Dubai (UAE), the company has identified the region as a key market. The company plans to open a B2B office in Dubai (UAE) to increase export revenue.
Sky Gold and Diamonds Limited is strategically transitioning to a design-led B2B model, enhancing customer relationships while targeting significant growth in the export market, particularly in Dubai and Malaysia. The company is focused on operational efficiency through a modern ERP system, aiming to reduce its working capital cycle and improve inventory management. With plans to quadruple manufacturing capacity and a commitment to lightweight jewellery production, Sky Gold is well-positioned to capitalize on rising gold prices and evolving consumer preferences.
The company's emphasis on lightweight jewellery and innovative designs, combined with its strong manufacturing capabilities and extensive distribution network, positions it well to capture market share in both domestic and international markets. Financial projections indicate a robust revenue growth trajectory, supported by increased exports and a higher share of advanced gold in its product mix, despite challenges from larger competitors. The company's ambitious expansion plans and innovative design strategies reflect a strong confidence in capturing a larger market share in both domestic and international arenas.
Sky Gold and Diamonds Limited represents a compelling investment opportunity in the jewellery manufacturing sector, with its strong financial performance, ambitious growth targets, and strategic positioning in the B2B segment making it an attractive proposition for investors seeking exposure to India's growing jewellery market.
