This Father’s Day, Divine Solitaires brought families together in a touching celebration of love, gratitude, and unbreakable ties. Held from June 7th to 15th across Ranka Jewelers stores in Pune, the special initiative invited customers to pause and honor the often-unspoken strength and presence of their fathers.

Visitors to the stores were encouraged to write heartfelt messages for their dads and capture the emotion at a specially curated selfie booth. These beautiful memories were then shared on Instagram, where the digital campaign sparked a wave of love and nostalgia — reminding everyone of the quiet, steady role fathers play in our lives.

The response from customers was truly heartwarming, with families taking the time to express affection in meaningful, memorable ways — from handwritten notes to cheerful photos filled with laughter and warmth.

Reflecting on the initiative, Jignesh Mehta, Founder & Managing Director, Divine Solitaires, shared, “Fatherhood often reveals itself in the background — in actions rather than words. With this campaign, we wanted to create a space where those emotions could be voiced and cherished. Diamonds catch the light—but it’s love that holds it. Hearing our customers’ stories reminded us of that.”

To make the celebration even more special, a few lucky winners were surprised with thoughtful gifts from Divine Solitaires, adding a moment of joy to their already memorable day.

With heartfelt participation and genuine expressions of love, Divine Solitaires’ Father’s Day initiative turned everyday store visits into powerful moments of connection — celebrating the love that doesn’t need words—the kind only a father knows.

PNGS Reva Diamond Jewellery, a Pune-based diamond jewellery brand, has submitted preliminary documents to the Securities and Exchange Board of India (Sebi) to raise ₹450 crore through an initial public offering (IPO). The IPO will consist entirely of a fresh issue of equity shares, according to the draft red herring prospectus (DRHP) filed on Tuesday.

The company plans to utilize a significant portion of the IPO proceeds, amounting to ₹286.56 crore, for the establishment of 15 new stores by the end of the financial year 2028. Additionally, ₹35.40 crore will be allocated for marketing and promotional activities related to the launch of these new stores. These initiatives aim to enhance the visibility and market presence of the company’s flagship brand, “Reva.” A portion of the funds will also be used for general corporate purposes.

PNGS Reva Diamond Jewellery was formed after its promoter, P N Gadgil & Sons Ltd, divested its diamond jewellery business through a slump sale. This strategic move led to the creation of PNGS Reva as a separate entity with its own identity, enabling it to operate independently while continuing to serve the diamond jewellery segment.

The company is a retail-focused jewellery brand engaged in the sale of a wide variety of jewellery products. As of March 31, 2025, PNGS Reva Diamond Jewellery operated 33 stores spread across 25 cities in Maharashtra, Gujarat, and Karnataka.

On the financial front, the company has demonstrated strong growth. Revenue from operations increased by 32 per cent to ₹258.18 crore in the financial year 2025, up from ₹195.63 crore in the previous fiscal. Net profit also registered a robust growth of 40 per cent, rising to ₹59.47 crore in FY25 from ₹42.41 crore in FY24.

Smart Horizon Capital Advisors has been appointed as the sole book-running lead manager for the issue. The company’s equity shares are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Gold prices in May saw a pause in the uptrend after four consecutive months of gains, ending the month nearly flat just below US$3,300/oz.2 Trading was largely range bound, with gains capped by global gold ETF outflows and the strong returns of April. At the same time, tariff-related policy risk, a weaker US dollar, and rising inflation expectations supported prices. Gold regained momentum in June, rising 5% month-to-date to US$3,435/oz,3 driven by the flare-up in geo-political tensions following the Israel-Iran attacks and a rebound in ETF demand. Year-to-date, gold remains a standout performer, up 32% in USD terms.  

Domestic gold prices broadly followed international trends, closing May 1% higher and moving in the INR92,000–97,000/10g range.4 So far in June, prices have risen by 4%, reaching INR98,732/10g.5 Domestic prices however, have continued to trade at a discount to international benchmarks (after adjusting for exchange rate and taxes),6 primarily due to subdued jewellery demand. The average discount has widened significantly – from US$12/oz in mid-March to over US$38/oz by 13 June.7

Soft jewellery sales, healthy investment and credit flows

Jewellery demand has been underwhelming following the April-May wedding season. According to market reports, softer prices in May boosted store footfalls, particularly for larger retailers offering promotional campaigns. Despite this, demand remained subdued and was largely centred around need-based purchases.

In contrast, physical investment demand for gold bars and coins, which account for nearly 30% of consumer demand, has been sustained, supported by positive price momentum. There has been a steady and gradual uptick in demand for these products, underpinned by expectations of further increase in gold prices and relatively lower fabrication costs. Notably, demand has been concentrated in lower-grammage coins, particularly those weighing less than 10g.

Anecdotal reports suggest that consumers are increasingly monetising their existing gold jewellery holding, either by exchanging them for new pieces, liquidating them, or using them as collateral for loans. The RBI’s recent relaxation of norms for loans against gold jewellery is expected to further support this trend.8 As of end-April lending by commercial banks in this segment had surged nearly 120% y/y to INR2,230bn (US$26bn).

Gold ETF inflows resume  

Indian gold ETFs regained momentum in May, recording net inflows of INR2.9bn (US$34mn) after two consecutive months of outflows. The inflows, though modest compared to the 10-month average of INR15.3bn (US$181mn) up to February, exceeded our initial estimate – based on early data,9 and  reflected renewed investor interest. This was likely supported by sustained safe – haven demand amid ongoing geopolitical turmoil and market volatility.  Preliminary data indicates that the trend of net inflows persisted through the first half of June.

According to data from the Association of Mutual Funds in India (AMFI), the cumulative assets under management (AUM) of the 20 gold ETFs rose to INR624bn (US$7.3bn), marking a 97% y/y and 2% m/m increase. Total gold holdings inched up to 64.65t, with an addition of 0.2t during the month. Investor participation also continued to grow, with 0.22mn new accounts (or folios) added during the month, bringing the total number to 7.3mn, a 38% y/y growth, signalling continued and broadening investor interest in gold as a financial asset.  

RBI extends gold buying pause

The RBI has stayed on the sidelines of gold buying since March, adding just 3.4t so far this year,10 sharply lower than the 30.6t purchased during the same period last year. This pause could likely be linked to the steep rise in gold prices since the beginning of the year, a trend we have observed among some other central banks too.

However, despite the lower purchases, India’s gold reserves have climbed to a record 879.6t, now accounting for 12.3% of total foreign exchange reserves, up from 8.7% a year ago. This marks the highest ever share of gold in the reserves, underscoring its growing strategic role in the RBI’s reserve mix.

Imports soften further 

Gold imports in May totalled US$2.5bn, marking a 13% y/y decline and an 18% drop from one month ago. This represents the second consecutive month of decline and aligns with a softer domestic demand environment. Based on our estimates, import volumes for the month were in the range of 27t to 32t, down from 35t in April and significantly lower than the 41t recorded in May 2024.