Sky Gold & Diamonds Ltd, one of India’s fast-growing jewellery manufacturers, has been added to the MSCI India Domestic Small Cap Index, as part of the latest index review announced by MSCI.

The inclusion marks an important milestone for Sky Gold, reflecting the company’s growing presence and relevance within India’s listed small-cap universe.

A key development during the current quarter has been the company turning operating cash flow positive, marking an important step in improving working capital discipline and strengthening the quality of its growth. The company remains focused on balancing business expansion with profitability and cash flow generation.

Sky Gold is simultaneously strengthening its governance and management framework, with a structured leadership approach, robust and strengthened financial and governance processes, including engagement with a large global accounting firm.

Operationally, Sky Gold continues to focus on lightweight and value-added jewellery, while expanding its customer base and strengthening its presence across organised jewellery retail. Its asset-light manufacturing model remains central to its strategy of scaling capacity while maintaining capital efficiency.

Commenting on the development, Mr. Mangesh Chauhan, Managing Director, Sky Gold and Diamonds Limited, said:

“Our inclusion in the MSCI India Domestic Small Cap Index is an important recognition of our growth journey over the years from building scale to building a stronger, more disciplined and institution-ready organisation. As we move forward, our focus is on a sustainable business—one that grows profitably, converts growth into cash, deploys capital efficiently and continues to strengthen the systems and governance required to operate at a much larger scale”.

With Sky Gold 3.0, we are building the organisation for this next phase of growth with greater financial discipline, deeper customer relationships and a stronger scalable operating model. We believe this inclusion will further broaden Sky Gold’s visibility within the institutional investment community and reinforce our commitment to creating long-term value for our stakeholders.”