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Ashish Kacholia takes significant stake in Purple Jewels

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Ace Indian Investor Ashish Kacholia has taken a significant stake in Purple Jewels Pvt Ltd, promoted by Nitesh Jain and headquartered in Bangalore. The funds infused will enable Purple Jewels to expand its product range and will help in growth of Purple Jewels

Purple Jewels is one of the most innovative manufacturers of gold temple jewellery, gold idols and artefacts, silver idols and pooja articles. With a strong client base like Titan, GRT, Kalyan Jewellers, JoyAlukkas, Malabar Gold and Diamonds, PNG Jewellers and other corporates, Purple Jewels has a great reach in the jewellery stores across India. Purple Jewels is also exporting its products to America and Middle East.

The funds infused will enable Purple Jewels to expand its product range and will help Purple Jewels to post a revenue of Rs 1000 cr with an EBIDTA of Rs 100 cr.

Purple’s first round was led by Maneesh Parmar and the round by Ashish Kacholia was facilitated by Maneesh Parmar  with able advisory services by Trans Corporate Advisory, a boutique investment firm in Chennai. Purple Jewels seeks to list by the second half of FY27.

Commenting on this funding, Nitesh Jain, MD, Purple Jewels Pvt Ltd  said, “It’s a great moment in our journey. To have Mr Ashish Kacholia invest in Purple is a great acknowledgment that we are on the right track. As an industry it’s a great time ahead of us. We need to organize, unite and disrupt with innovation and service.”

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Assets of MFs  in gold ETFs up  95 per cent to Rs 55,677 crore

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The sharp rise in gold prices has led to a spike in the assets under management (AUM) of gold exchange traded funds (ETFs). AUM of gold ETFs have nearly doubled in the last one year.Assets of mutual funds in gold ETFs have jumped 95 per cent to Rs 55,677 crore as of February 2025 as against Rs 28,529 crore in the same period of last year, according to data from the Association of Mutual Funds in India (AMFI).

Gold ETFs allow investors to get exposure to gold without physically owning it, tracking the price of gold and trading like stocks on exchanges. They are a convenient and liquid way to invest in gold, since they can be easily bought and sold on exchanges and investors don’t need to worry about storing or insuring physical gold.

Gold ETFs have been increasingly gaining popularity among investors due to liquidity, transparency and global price alignment. With the escalating geopolitical tensions boosting the “safe-haven” appeal of the bullion, investors are preferring to park their funds in Gold ETFs as compared to investing in physical gold as there is no hassle of storing it. Also, there are concerns of purity and theft while investing in physical gold, which is not the case with Gold ETFs, according to ICRA Analytics.

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National News

Bhima Jewellery Redefines Bridal Shopping with Exclusive ‘Fairytale Weddings’ Expo

Experience a Magical Wedding Journey with 100+ Wedding Sets, Special Packages, Expert Makeup Tips, and More at Bhima’s Grand Bridal Event Across Three Locations.

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Bhima Jewellery is all set to transform the wedding shopping experience with its exclusive Bhima Fairytale Weddings, an extraordinary event that promises to elevate every bride’s journey. As a leading name in the bridal jewellery industry with a rich 100-year legacy and a history of gracing over four crore weddings, Bhima invites brides and their families to experience a truly unique bridal expo and sale.

This one-of-a-kind event will take place across three prominent locations: the Trivandrum showroom from March 14 to 20, the Attingal showroom from March 21 to 24, and the Pothencode showroom from March 27 to 30. Guests will be treated to an exceptional selection of over 100 wedding sets, each crafted to perfection. In addition to showcasing these exquisite collections, Bhima offers exclusive wedding packages and advance booking deals that ensure customers get the best value for their jewellery and wedding-related services.

Brides-to-be will also benefit from expert advice and styling tips from renowned celebrity makeup artists like Vikas VKS and Jaanmoni Das, ensuring they look their absolute best on their special day. Bhima’s Fairytale Weddings event is more than just a sale—it’s a celebration of love, tradition, and timeless elegance, curated to make every wedding magical.

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National News

10th edition of IIBS puts the spotlight on trends, policies, and innovations in the bullion and jewellery markets

Platform for key stakeholders, including refiners, jewellers, traders, policymakers, and financial institutions to deliberate key issues

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The 10th edition of India International Bullion Summit (IIBS-10)  organized by India Bullion & Jewellers Association’s (IBJA) was held in Mumbai on 7th & 8th March, 2025. More than 800 bullion dealers and jewellers attended this event.IIBS provided a platform for key stakeholders, including refiners, jewellers, traders, policymakers, and financial institutions to deliberate.

 IIBS was formally unveiled by Dr. Hasmukh Adhia – IAS (Retd.) – Chairman, GIFT City in the presence of Guests of Honour Pradeep Ramakrishnan – Executive Director – International Financial Services Centres Authority (IFSCA), Prithviraj Kothari – National President – India Bullion and Jewellers Association Ltd (IBJA), David Tait – Chief Executive Officer – World Gold Council, Shivanshu Mehta – SVP & Head-Bullion, MCX Director, IIBX IFSCÂ LTD, Rajesh Rokade – Chairman – All India Gem and Jewellery Domestic Council (GJC), Samit Guha – Chief Financial and Technology Officer – MMTC – PAMP India Private Limited

Dr. Hasmukh Adhia, IAS (Retd.)- Chairman, GIFT City said, “Don’t be complacent about the US tariff as the collateral damage will happen to India, but we have to watch out how industrial trade will shape and we hope that the outcome of US tariff will be good on India. I believe the Indian economy is doing well but India needs formalization of gold and we would like to address any concerns of the bullion Industry. I wish IBJA a grand success. Thank you  for organizing this knowledgeable summit and inviting me to be a part of it.”

Prithviraj Kothari, National President, IBJA speaking at 10th IIBS said, “Bullion and Jewellery plays a great role in boosting the economy and it will continue to in future. Also, Gold and Silver has been in the limelight for the past five years and will continue further. IBJA has been active to support industry and to help grow the jewellery industry, we make sure that Gold Monetization Scheme is more accessible to SME Jewellers and IBJA is committed to maintain transparency in the Gold and Bullion Industry. I welcome everyone on behalf of IBJA to take advantage of this summit and thank you for the overwhelming response.”

The panel discussion included topics like Silver Industry Growth – Challenges And Opportunity, India’s Golden Ambition For Jewellery Market, Bringing Artisan In Main Stream, Leadership in Retail Jewellery Business, Is FTA & CEPA Distorting Market, Vision 2047 For Gold Industry by World Gold Council, Cyber Fraud in Gems & Jewellery Sector, Generating Funds For Gold Industry, Hedging Tool For Jewellers In Volatile Market, Bullion Hallmarking – A Way Forward, Opportunity at IIBX, Consumer Insights: The Role of Gold Jewellery, Gold Outlook and Regulation Governing Bullion And Jewellery Market was also discussed.

Speakers for the conference included eminent personalities like  Sachin Jain – World Gold Council,  Sudheesh Nambiath – DMCC, Prof. Sundaravalli Narayanaswami – India Gold Policy Centre (IGPC),  Harish Pawani – Bin Sabt Jewellery LLC, Dubai, Dr. Saurabh Gadgil – PNG Jewellers,  PR Somasundaram – Industry Alumnus,  D. K. Surana – Intensive Fiscal Services Private Limited,  Ashok Gautam – India International Bullion Exchange IFSC Ltd (IIBX),  Avinash Pahuja,- ORO Precious Metals Pvt. Ltd., Varghese Alukkas -Jos Alukkas, Ba.Ramesh – Thangamayil Jewellery Limited.

The most interesting discussion was in respect of the Regulation Governing Bullion and Jewellery Market looks at the gold industry. Sachin Jain – Regional CEO, India of World Gold Council explained about the Vision 2047 For Gold Industry.Shivanshu Mehta – SVP & Head-Bullion- Multi Commodity Exchange of India Limited (MCX), Director, IIBX IFSC LTD explained Hedging Tool for Jewellers in Volatile Market

 Elwin Jose – Head – Product Development, Strategy and Services – National Stock Exchange of India Ltd (NSE) explained the Pathway for Price Risk Management: Integration Bullion Spot & Derivatives Market.  Ashok Gautam – MD & CEO- India International Bullion Exchange IFSC Ltd (IIBX) and  Ajit Mauskar – Director, Market Infrastructure India and Middle East – World Gold Council explained the opportunity at IIBX. Kavita Chacko – Research Head, India- World Gold Council explained Consumer Insights: The Role of Gold Jewellery. Prithviraj Kothari- National President -India Bullion and Jewellers Association Ltd. Stated that IBJA will continue to work for the benefit of industry bringing transparency to the entire trade.

IBJA has also launched initiatives such as the “IBJA Verified Tag” for Platinum Members to ensure their online accounts represent legitimate and authentic businesses or brands. IBJA is also working on a jewellers awareness campaign in the entire country by educating the jewellers through various webinar and seminar. IBJA will soon be launching an innovative programme to boost the skills of karigars. IBJA is also setting up a world class bullion refinery at Gift City, Gujrat. IBJA is also honouring jewellers for their CSR activity.

The event was also followed by The India Bullion and Jewellers Association (IBJA) awards recognizing excellence in the jewelry and bullion industries. 

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