National News
Mumbai Jewellery Manufacturers & Wholesalers release draft MOU for Fair and Transparent Trade
Industry Initiative Aims to Standardise Payment Practices, Credit Norms and Compliance Across the Jewellery Trade
Manufacturers and wholesalers from the Mumbai jewellery fraternity convened a meeting to unveil a draft Memorandum of Understanding (MoU) aimed at fostering transparent and efficient transactions among manufacturers/wholesalers and retailers.
The MoU tackles critical areas including payment terms, credit periods, KYC compliance, gold rate fixing, and forward premiums aligned with retailer credit.
“Participants voiced strong optimism, viewing the initiative as a driver for fair dealings and compliant with government policies – and sustained growth in India’s gem and jewellery sector,” said Saiyam Mehra, Director & CEO, Unique Chains & Jewels Ltd.
“I am very happy to see Zaveri Bazaar Manufacturers and wholesalers come together and present a united front. This MoU is critical for the survival and growth of our business. We need to be united and firm in our decision to enable this MoU,” said, Chetan Thadeshwar, CMD Shringar – House of Mangalsutra Ltd.
The release of the draft MoU marks a significant step toward strengthening trust, accountability and unity within Mumbai’s jewellery manufacturing and wholesale ecosystem. By addressing long-standing challenges around payments, credit discipline and compliance, the initiative reflects the industry’s collective resolve to adopt fair trade practices aligned with regulatory frameworks. If implemented effectively, the MoU is expected to create a more stable, transparent and sustainable operating environment—supporting long-term growth for India’s gem and jewellery sector.
National News
Palmonas Raises $40 Million in Series B, Accelerates Omni-Channel Expansion
Shraddha Kapoor-Backed Demi-Fine Jewellery Brand to Scale Offline Retail and Strengthen Market Presence
Palmonas, the Shraddha Kapoor-backed demi-fine jewellery startup, has raised $40 million (approx. Rs. 373 crore) in a Series B funding round, led by Xponentia Capital and Vertex Growth Fund, with participation from existing investor Vertex Venture
The fresh capital will be utilised to expand its offline retail footprint, building on its growing omnichannel presence across online platforms and physical stores.
Founded in 2022 by Pallavi Mohadikar and Amol Patwari, with Shraddha Kapoor joining as co-founder, Palmonas operates in the demi-fine jewellery segment, offering affordable yet premium designs crafted from sterling silver and stainless steel with gold plating. The brand targets the space between fashion and fine jewellery, catering to a young, aspirational audience.
The company has seen rapid growth, with its operating revenue surging over 40X to Rs. 39 crore in FY25, up from Rs. 97 lakh in FY24. Notably, Palmonas also turned profitable, reporting a profit of Rs. 4.3 crore during the same period.
The brand had earlier raised Rs. 55 crore from Vertex Ventures and gained visibility through Shark Tank India Season 4, securing Rs. 1.26 crore funding from Namita Thapar and Ritesh Agarwal, at a Rs. 126 crore valuation.
Operating in a competitive space, Palmonas goes head-to-head with players such as GIVA, BlueStone, and Limelight Lab Grown Diamonds, as it continues to strengthen its position in India’s fast-growing demi-fine jewellery market.
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