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PNGS Reva Diamond Jewellery Files IPO Draft with Sebi to Raise ₹450 Crore; Plans 15 New Stores by FY28

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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).

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DGSL launches India’s first structured insurance appraisal service for GJ sector

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DGSL, one of India’s leading gems and jewellery testing and certification authorities, has announced the launch of specialized Insurance Appraisal Services for gems and jewellery, introducing what it describes as the country’s first structured, standards-driven appraisal service dedicated to insurance documentation.

The initiative seeks to address a long-standing gap in the Indian market, where jewellery insurance documentation has often lacked standardized gemological evaluation and globally aligned valuation methodologies / practices.

With the rising value of fine jewellery collections, heirloom pieces, and investment-grade gemstones, the demand for precise and internationally compliant insurance appraisals has grown significantly. DGSL’s appraisal reports include detailed gemstone identification, grading analysis, market-aligned valuation methodology, high-resolution imaging, and clearly defined value conclusions prepared specifically for insurance coverage purposes.

The reports aim to provide clarity and reliability for clients, insurers, and financial institutions by ensuring accurate replacement value assessments and minimizing ambiguity during insurance claims.

In a parallel development,  Atul Jain, Director at DGSL, has been granted membership in the National Association of Jewelry Appraisers (NAJA), one of the world’s most respected professional organizations dedicated to jewellery appraisal standards, ethics, and professional education.

Jain, a Graduate Gemologist with more than four decades of experience in the jewellery trade, has played a significant role in gemological education, diamond grading, and jewellery authentication in India. His professional expertise spans natural diamonds, coloured gemstones, antique jewellery evaluation, and market advisory.

Atul. Jain said, “The introduction of structured insurance appraisal services marks an important evolution for the Indian jewellery industry. Jewellery today represents not only adornment but also heritage, investment, and emotional legacy. It deserves documentation that meets global standards of accuracy, transparency, and credibility.”

DGSL’s Insurance Appraisal Services will cater to private collectors, high-net-worth individuals, jewellery retailers, estate planners, financial institutions, and insurance providers. Each appraisal follows internationally accepted valuation principles while being adapted to the dynamics of both the Indian and global jewellery markets.

With over two decades of excellence in testing and certification, DGSL has built a reputation grounded in scientific accuracy, ethical practices, and client trust. The addition of Insurance Appraisal Services further strengthens DGSL’s position as a comprehensive authority in gemological certification and valuation.

This initiative sets a new benchmark for professionalism within India’s gems and jewellery sector, ensuring that valuable jewellery assets are not only authenticated but also properly valued and protected.

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