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THE GEMS BEHIND OUR JEWELS

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Gold is an integral part of our lives, more so in the lives of women. Considered auspicious, gold is part of every celebration – be it festivals or personal milestones.  According to the World Gold Council, Indian women collectively own around 24,000 tons of gold, which accounts for about 11% of the world’s total gold reserves in jewellery form. It is only right to say India is the global leader in household gold ownership.  The Oxford Gold Group’s report states that the Indian households have more gold than the combined reserves of the United States, the International Monetary Fund (IMF), Switzerland and Germany.

Vummidi Bangaru Jewellers has been serving the Indian community with authentic and aesthetically appealing gold jewels for 125 years, now. VBJ has been a benchmark for purity and trust for decades. Our remarkable growth story and undying patronage since the 1900 has been possible because of our quality, design and innovation in the jewellery space. Every piece of jewellery from VBJ is intricately crafted to bring out its true emotion with the purest of materials and finest craftsmanship. This has been possible because of the talented and focussed professionals of the VBJ team.

While VBJ is beyond gender classification among its team members, with women’s day round the corner, it is only right to celebrate and congratulate the women who have been instrumental for VBJ’s phenomenal growth.

We have a total of 254 women employees at VBJ – 233 in the retail and 21 in the creative centre. While it is our principle to value every employee, we are extremely proud of three women employees specifically who have spent decades with VBJ. Padmasri M has been with us for 42.08 years, Vanitha for 42.02 years and Latha S for 34.1 years. At this age and time, it is truly remarkable.  

As of now, we have 8 women designers and all of them have been trained at National Institute of Fashion Technology (NIFT).  In the earlier years, there have been several prominent women leaders who have made significant contributions to the brand, showcasing remarkable leadership and management skills in their respective roles like Vanitha, Latha, Revathi and Radha.

Vanitha handled the Anna Salai Silver branch, where she demonstrated her exceptional ability in managing both operational and customer service aspects of the business. As the order manager, Latha played a crucial role in streamlining the order management process.  Revathi was responsible for overseeing the Anna Nagar branch, a position that required strong leadership and managerial expertise.  Serving as the Billing Manager, Radha was pivotal in managing the financial transactions and ensuring smooth billing operations.

Specialised training programmes and growth

VBJ offers specialized training programs designed to enhance the technical and soft skills of their women professionals. The training focusses on leadership development, communication skills, technical training, and project management to ensure they are equipped to handle all departments of VBJ.

Women have equal access to all training programmes and career advancement opportunities. Our unbiased recruitment and promotion policies, focussing on merit and skills, are bringing more women to the team.

Woman power at VBJ

We have made considerable strides in increasing the female representation to reflect our commitment to diversity, equity and inclusion. In 2022, there was 130 women out of 584 employees, which increased to 166 (out of 748) the following year. This number escalated to 200 (out of 767) in 2024 and now it stands at 254 out of the total 847 employees. This has been possible because of focussed efforts to improve gender diversity, targeted recruitment initiatives, mentorship programmes, implementation of policies promoting work-life balance and inclusive development for women.  

In line with the theme of International Women’s Day 2025 – Accelerate Action – VBJ is working towards the continued upward trend in women participation and growth. We are strongly committed to fostering an environment where women feel valued and empowered in their roles at VBJ. At the helm, 5th generation women entrepreneurs from the VBJ family having started pouring in their creativity and fresh thoughts.

The Future of Women in Jewellery

The presence of women in the jewellery industry is not just growing—it is shaping its very foundation. Brands that actively foster gender inclusivity witness not only stronger business performance but also richer, more meaningful creations that resonate with a diverse audience. As we look ahead, the contributions of women in jewellery will continue to accelerate change – whether as designers reimagining aesthetics, artisans preserving age-old techniques, retail professionals enhancing customer experiences, or leaders driving sustainable business practices, their role is indispensable. On this International Women’s Day, let’s celebrate the true gems behind the jewels—the women who craft not just ornaments, but legacies that shine beyond brilliance.

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National News

Jewellery Sector IPOs: Proceeds Used For Debt Reduction, Inventory Financing, Store Or Capacity Expansion

How Lalithaa, Shankesh, Augmont, Priority Jewels and Deepa Jewellers Turned March–September 2026 Into The Busiest Primary-Market Season The Organised Jewellery Trade Has Seen

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The last six months have delivered the most active stretch of primary-market activity the Indian organised jewellery sector has seen in years. Between March and September 2026, at least five jewellery-linked companies — Lalithaa Jewellery Mart, Shankesh Jewellers, Augmont Enterprises, Priority Jewels and Deepa Jewellers — took the IPO route, collectively seeking to raise well over Rs 3,400 crore. A further wave, led by Nityas Gems and Jewellery and several smaller manufacturers, is queued behind them.

The common thread across issuers is capital intensity. Jewellery retail and B2B manufacturing are working-capital-hungry businesses — inventory, gold-purchase schemes and store rollouts all consume cash faster than they generate it — and IPO proceeds have been directed almost uniformly toward debt reduction, inventory financing and store or capacity expansion rather than diversification.

Investor response has been mixed but broadly favourable. Lalithaa’s Rs 1,700-crore issue and Augmont’s Rs 825-crore issue both drew triple-digit institutional demand and listed at premiums above 20%; Shankesh Jewellers, by contrast, was subscribed a comparatively modest 2.80 times yet still surprised the market with an 11% listing pop, considerably ahead of its grey-market indication. Priority Jewels and Deepa Jewellers, still working through their listing timelines as this report goes to press, point to continued — if more measured — appetite for the sector.

Summary Table: Key Jewellery IPOs (Last Six Months)

CompanyIssue SizePrice Band (₹)Subscription WindowListing DateListing GainSubscription (x)
Lalithaa Jewellery Mart₹1,700 Cr190–20117–19 Aug 202624 Aug 2026+31.99% (BSE)62.97x
Shankesh Jewellers₹367.18 Cr88–9318–20 Aug 202625 Aug 2026+11.08% (NSE)2.80x
Augmont Enterprises₹825 Cr750–78821–25 Aug 202631 Aug 2026+21.95% (NSE)105.8x–111.2x
Priority Jewels₹91.50 Cr190–20028 Aug–1 Sep 20264 Sep 2026 (tent.)GMP-implied ~12%100.45x
Deepa Jewellers₹459.72 Cr168–1771–3 Sep 20268 Sep 2026 (tent.)PendingPending

Other Jewellery IPOs in the Pipeline

Nityas Gems and Jewellery Ltd

  • Status: Received SEBI’s observation letter on July 23, 2026, clearing the way to launch within twelve months
  • Profile: Surat-based manufacturer of lab-grown diamond-studded gold jewellery, operating a dual B2B/D2C model with clients including GIVA, Palmonas, ONYA and Ladia Diamonds, and a direct-to-consumer arm via subsidiary Ayaani Diamonds and Jewellery
  • Issue structure: An entirely fresh issue of roughly 1.44 crore equity shares, with proceeds earmarked mainly for working capital

Additional Names to Watch

Beyond the issues profiled above, several other jewellery-sector companies have filed draft papers or are working through confidential pre-filing with SEBI, including Master Chains N Jewels (which has filed a DRHP for a Rs 400 crore fresh issue) and other manufacturers and retailers reported to be preparing mainboard filings. Exact price bands and launch windows for this second tier remain unconfirmed as of early September 2026, and readers should treat any figures circulating for these names as provisional until formal RHPs are filed.

7. Market Context & Trends

Investor Appetite Has Been Uneven, Not Uniform

The headline story is strong demand, but the pattern beneath it is more nuanced. Lalithaa (62.97x) and Augmont (105–111x) drew genuinely broad-based institutional conviction, while Priority Jewels’ 100.45x subscription was driven disproportionately by retail and non-institutional bidders. Shankesh Jewellers is the outlier: a modest 2.80x overall subscription nonetheless produced an 11% listing pop — a reminder that grey-market chatter and formal subscription data do not always predict listing-day outcomes.

Listing Gains Have Broadly Rewarded Investors

Every jewellery IPO that has listed in this window has done so at a premium to its issue price: Lalithaa at roughly 32%, Augmont at roughly 22%, and Shankesh at roughly 11%. Grey-market premiums, however, have proven an imperfect guide — both Lalithaa and Augmont listed below their GMP-implied levels, while Shankesh listed well above its GMP indication, underscoring that GMP should be read as a sentiment gauge rather than a price forecast.

Capital Is Flowing Toward Debt and Working Capital, Not Diversification

Across every issuer in this cohort, the stated use of proceeds skews heavily toward debt repayment, inventory financing and store or facility expansion — a pattern that reflects how working-capital-intensive organised jewellery retail and B2B manufacturing remain, even for well-established, profitable brands.

With Priority Jewels and Deepa Jewellers still to list, and Nityas Gems and Jewellery — along with a second tier of smaller manufacturers — working through SEBI’s approval process, the jewellery sector’s primary-market pipeline shows little sign of thinning heading into the second half of FY27. For issuers, the lesson of this cycle is that strong brand recognition and headline revenue growth alone have not guaranteed outsized institutional demand; balance-sheet quality, cash-flow discipline and a credible use-of-proceeds story appear to matter just as much to the eventual listing outcome. For investors, the spread of results — from Lalithaa’s blockbuster debut to Shankesh’s under-subscribed-yet-strong listing — argues for evaluating each issuer on its own financial and operational merits rather than treating “jewellery IPO” as a single, uniform trade.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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