National News
PNGS Reva Diamond Jewellery Limited Posts Record Q4 FY26, Nearly Doubles Core Diamond Business Year-on-Year
Revenue surges 139% YoY in Q4 FY26, Driven By Strong Diamond Demand, Festive Traction, and Continued Retail Expansion
PNGS Reva Diamond Jewellery Limited, a branded certified natural diamond jewellery retailer backed by the 190+ year legacy of the P. N. Gadgil & Sons Group, reported robust revenue growth for the quarter ended March 31, 2026, reflecting strong consumer demand and continued retail expansion momentum.
Revenue from Operations for Q4 FY26 stood at Rs. 1,382.14 million, registering a 139.07% year-on-year increase compared to Rs. 578.14 million in Q4 FY25. Excluding gold sales, revenue grew 96.90% YoY, highlighting strong growth in the Company’s core diamond jewellery segment. (Figures are subject to limited review by Statutory Auditors.)
The quarter’s revenue included Rs. 243.81 million from gold sales, arising from the disposal of excess gold received as part consideration for diamond jewellery purchases.
Operationally, performance was supported by strong festive and occasion-led demand. Gudhi Padwa sales rose to approximately Rs. 70 million, up from Rs. 20 million last year (2.5x growth), while Valentine’s Day also contributed meaningfully to quarterly performance.
Retail expansion remained a key growth driver. In March 2026, the company added 1 COCO (Company-Owned Company-Operated) store and 1 Shop-in-Shop (SIS) outlet, taking the total store count to 36 (2 COCO + 34 SIS stores) as against 33 SIS stores a year ago. The shift toward a COCO-led format aims to enhance operating leverage and support long-term scalability.
Commenting on the performance, Amit Modak said:
“Our Q4 performance reflects a structural shift towards branded and certified natural diamond jewellery. Encouragingly, we are seeing deeper customer engagement and repeat purchases. As we expand our COCO footprint, our focus remains on building a scalable retail platform with strong inventory discipline and a consistent brand experience.”
Looking ahead, the company plans to roll out ~15 COCO stores over the next 24 months, supported by IPO proceeds allocated towards store capex, inventory, and brand-building initiatives. One store has already been launched in March 2026.
In parallel, PNGS Reva will continue leveraging SIS placements within promoter group stores, enabling capital-efficient expansion alongside exclusive outlets.
With a disciplined expansion strategy across Maharashtra and high-growth pan-India markets, and backed by the strong heritage and credibility of PNGS, the company is well-positioned to sustain growth momentum in the organised diamond jewellery segment.
National News
WGC India Gold Market Update: Import Tightening
Part Of A Broader Push To Conserve Foreign Exchange Reserves Amid Geopolitical Uncertainty and Mounting Pressure On The INR
Highlights
- Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening
- Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price
- Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient
- Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike.
Policy actions on gold imports
Since early April, the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past.
On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024. Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme), and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year.
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