National News
Union Home Minister Shri Amit Shah Graces 52nd India Gems & Jewellery Awards; GJEPC Charts US$100 Billion Export Vision For Indian Gem & Jewellery Industry
Industry’s Premier Awards Bring Together National and State Leadership, Recognising Excellence and India’s Growing Global Ambitions
- Chief Guest Hon’ble Union Home Minister and Minister of Cooperation Shri Amit Shah graces the 52nd IGJA, joined by Maharashtra Chief Minister Shri Devendra Fadnavis, Shri Eknath Shinde, Deputy Chief Minister of Maharashtra and Gujarat Deputy Chief Minister Shri Harsh Sanghavi
- Senior Maharashtra Ministers Adv. Ashish Shelar, Rajya Sabha, MP Shri Govind Dholakia and leading industry representatives join the landmark industry gathering
- GJEPC sets an ambitious target of US$100 billion in gem and jewellery exports by 2040, aligned with the vision of Viksit Bharat 2047
- India Jewellery Park in Navi Mumbai Set to Commence Work on Dussehra Following All Approvals from Maharashtra Government
In a landmark gathering that brought together the country’s political leadership and the leadership of India’s gem and jewellery industry, the Gem & Jewellery Export Promotion Council (GJEPC) hosted the prestigious 52nd India Gems & Jewellery Awards (IGJA), with Shri Amit Shah, Hon’ble Union Minister of Home Affairs and Minister of Cooperation, as the Chief Guest.
The 52nd India Gems & Jewellery Awards was held with the support of its partners — World Gold Council as the Gold Partner, GIA as the Powered By Partner, and Vaibhav Global Limited, Kiran Gems, Ferrari Logistics, Dhanera Diamonds and Aigiri Jewels as Co-Partners.
The award ceremony brought together an eminent gathering of national and state leaders, policymakers, parliamentarians and industry stalwarts. Devendra Fadnavis, Hon’ble Chief Minister of Maharashtra, Eknath Shinde, Deputy Chief Minister of Maharashtraand Harsh Sanghavi, Hon’ble Deputy Chief Minister of Gujarat, graced the occasion alongside Adv. Ashish Minal Babaji Shelar, Hon’ble Minister of Electronics, Information Technology and Artificial Intelligence Department, Government of Maharashtra and Govind Dholakia, Member of Parliament, Rajya Sabha.
GJEPC and industry representatives, including Kirit Bhansali, Chairman, GJEPC; Shaunak Parikh, Vice Chairman, GJEPC; Anoop Mehta, President, Bharat Diamond Bourse; Mansukh Kothari, Convener, Events, GJEPC, Anil Virani, Convener, Audits & Finance, GJEPC and, Smt Khushboo Ranawat, Regional Chairman, Western Region, GJEPC were present.
The presence of such distinguished national and state leadership underscored the growing strategic importance of the gem and jewellery sector to India’s exports, manufacturing, employment and global trade ambitions.
Amit Shah, Hon’ble Union Minister of Home Affairs and Minister of Cooperation said:
“India has the infrastructure, capital, capability and entrepreneurs to become the world’s gems and jewellery hub. As the diamond trade evolves, the time has come to think beyond speed and focus on scale. Lab-grown diamonds present a major opportunity. India must build the entire value chain, from manufacturing and technology to jewellery, branding and retail, and develop Indian brands with a global presence. The Government of India, along with the governments of Maharashtra and Gujarat, is ready to provide the support required.
I see a very bright future for this industry, and the time has come for India to emerge as a global leader in diamonds and jewellery.”
Devendra Fadnavis, Hon’ble Chief Minister of Maharashtra said:
“India’s gems and jewellery industry makes a significant contribution to the country’s exports and economic growth, with Maharashtra and Mumbai playing a leading role. The ecosystem created here, particularly at Bharat Diamond Bourse, has brought together traders, artisans and employees as one large industry family. Our aim is to support this industry through the state’s policies and infrastructure. The new jewellery policy introduced in 2025 includes provisions to strengthen the sector, recognising its contribution to both the economy and employment.
We are also developing a modern jewellery ecosystem in Navi Mumbai, with the potential to attract Rs 1 lakh crore in investment and generate 50,000 jobs.”
Speaking on the occasion Eknath Shinde, Deputy Chief Minister of Maharashtra said,:
“More than 50 lakh people are engaged in the sector across the country, and the industry has established India as a strong player in global trade, with Maharashtra and Mumbai accounting for more than 50% of the country’s total gem and jewellery exports. The Bharat Diamond Bourse in Mumbai is a major global centre for diamond trade. As India moves towards the vision of becoming a Viksit Bharat by 2047, the gem and jewellery industry has a very important role to play.
I am confident that our industry members will continue to work hard, take the sector to greater heights and contribute even more to India’s growth story.”
Kirit Bhansali, Chairman, GJEPC said:
“Over the past four to five years, the gems and jewellery industry has faced significant challenges, from geopolitical tensions and tariff pressures to softer demand in key markets. Yet the industry has responded by exploring new markets, adopting technology and increasing value addition. The resilience of India’s gems and jewellery exports is a testament to that commitment.
The partnership between the Government and industry has been critical. Policy measures, new trade agreements and support for emerging sectors such as lab-grown diamonds are creating new opportunities and strengthening India’s position in global markets.
Our next chapter must focus on design, innovation and value addition, using India’s strengths in traditional craftsmanship and technology to build globally recognised brands. The upcoming India Jewellery Park in Navi Mumbai and other industry initiatives will further strengthen this ecosystem.
For us, growth is about more than trade. The true strength of this industry lies in its commitment to giving back to society. As we look towards a developed India, we must work together to take Indian gems and jewellery to a larger global audience.”
Mansukh Kothari, Convener, Events, GJEPC said:
“India has taken historic strides under the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi ji, strengthening the nation and inspiring confidence across the world. For the gem and jewellery industry, the Government’s progressive policies and reforms have opened new opportunities, enabling us to compete more strongly in global markets.We remain committed to contributing to the vision of a Viksit Bharat by 2047 and taking India’s gem and jewellery sector to even greater heights.”
The 52nd IGJA celebrated the extraordinary achievements, resilience and nation-building contribution of India’s gem and jewellery industry, recognising companies and individuals who have demonstrated excellence across the breadth of the sector.
The awards come at an important juncture for the industry. Despite continued global macroeconomic uncertainty and geopolitical turbulence, India’s gem and jewellery exports demonstrated resilience, recording US$27.72 billion in FY 2025–26, broadly maintaining the previous year’s levels through agile utilisation of FTAs, market diversification and increased value addition.
Building on this resilience, GJEPC has set an ambitious vision of taking India’s gem and jewellery exports to US$100 billion by 2040, aligned with the Hon’ble Prime Minister Shri Narendra Modi’s vision of Viksit Bharat 2047.
The ambition reflects a broader transformation underway in the sector—from India’s traditional strength as a global manufacturing base towards becoming a comprehensive global hub for design, innovation, technology, luxury, value addition and international trade.
Celebrating Excellence Across the Industry
The 52nd India Gems & Jewellery Awards recognised excellence across the breadth of India’s gem and jewellery industry, with awards spanning business performance, exports, employment, diamond manufacturing, precious metal jewellery, silver jewellery, coloured gemstones, costume and fashion jewellery, synthetic stones, lab-grown diamonds, CSR, innovative marketing and branding, international sales, women entrepreneurship and banking support to the industry.
The awards also recognised individual contribution, entrepreneurial excellence and industry leadership, celebrating those whose achievements have helped strengthen India’s position in the global gem and jewellery ecosystem.
Hasmukh Parekh Jewellers was honoured with the Precious Metal Jewellery – Plain (Large) (Exports Above ₹250 Crore) Award at the 52nd India Gems & Jewellery Awards . The occasion also saw congratulations extended to Emerald Jewel Industry India Ltd. on being honoured with the Highest Taxpayer Company Award at the prestigious awards.
Special Recognition Award
The Special Recognition Award was presented to Shri Arvind Chhotalal Parikh, Partner, Crystal Diamonds, in recognition of his more than seven decades of contribution and service to the diamond industry.
Lifetime Achievement Award
The Lifetime Achievement Award was presented to Shri Vallabhbhai Patel, Founder, Kiran Gems, recognising his remarkable entrepreneurial journey, business achievements, resilience and contribution to society and the gem and jewellery industry.
The 52nd IGJA was more than an awards evening—it was a powerful reflection of an industry that is resilient in the face of global uncertainty, ambitious in its growth aspirations and increasingly central to India’s global economic story.
With national and state leadership joining the industry on one platform, the occasion reinforced the sector’s commitment to greater exports, value addition, innovation, employment generation and global competitiveness, as India moves towards its larger goal of becoming a Viksit Bharat by 2047.
Winners List:
| Indian Gems & Jewellery Awards 2025 | ||
| Sr. No. | Name of the Award | Name of Winner |
| 1 | Highest Taxpayer Company | Emerald Jewel Industry India Ltd., |
| 2 | Highest Turnover | Kiran Gems Pvt Ltd |
| 3 | Highest Employment on the company rolls | Kira Diam Tech Private Limited |
| 4 | Cut & Polished Diamonds (Small) (Export Below Rs. 250 Crore) | Kumbh Gems |
| 5 | Cut & Polished Diamonds (Medium) (Exports Above Rs. 250 Crore upto Rs 1000 Crore) | Dhanera Diamonds |
| 6 | Cut & Polished Diamonds (Large) (Exports Rs. 1000 Crore & above) | Kiran Gems Pvt Ltd |
| 7 | Precious Metal Jewellery – Plain (Large) (Exports Above Rs. 250 Crore) | Hasmukh Parekh Jewellers |
| 8 | Precious Metal Jewellery – Plain (Medium) (Exports Above Rs. 100 Crore upto Rs 250 Crore) | Ashok Jewels Private Limited |
| 9 | Precious Metal Jewellery – Studded (Large) (Exports Rs. 500 Crore & above) | H.K. Designs (India) LLP |
| 10 | Precious Metal Jewellery – Studded (Medium) (Exports Above Rs. 100 Crore upto Rs 500 Crore) | Vaibhav Global Ltd |
| 11 | Precious Metal Jewellery – Plain & Studded (SME) (Export Below Rs. 100 Crore) | Cadas Gold And Diamonds |
| 12 | Silver Jewellery | Renaissance Global Limited |
| 13 | Cut & Polished Coloured Gemstones | Vaibhav Global Ltd |
| 14 | Costume/ Fashion Jewellery | Amrapali Worldwide LLP |
| 15 | Cut & Polished Synthetic Stones | RMC Gems India Limited |
| 16 | Lab Grown Diamond (Highest export) | Greenlab Diamonds LLP |
| 17 | Most Socially Responsible Company (CSR) | Vaibhav Global Ltd |
| 18 | Award for Best innovative Marketing and Branding campaign overseas | Kiran Gems Pvt Ltd |
| 19 | Highest Gems and Jewellery Sales (Importer) – USA & Canada | Kiran Gems USA INC |
| 20 | Highest Gems and Jewellery Sales (Importer) – Asia (other than India & Middle East) | Kiran Exports (Hong Kong) Limited |
| 21 | Highest Gems and Jewellery Sales (Importer) – Europe | Kiran Exports NV |
| 22 | Highest Gems and Jewellery Sales (Importer) – Middle East | Kiran Gems DMCC |
| 23 | Woman Entrepreneur of the year | Mrs. Debra Ann Nishimura |
| 24 | Best Bank Financing the Industry (Highest Growth of limit sanctioned with Minimum base of Rs 500 crore) | Induslnd Bank |
| 25 | Special Recognition Award | Mr. Arvind Chhotalal Parikh, Partner, Crystal Diamonds |
| 26 | Lifetime Achievement Award | Mr. Vallabhbhai Patel, Founder, Kiran Gems |
| 27 | Employee Awards | Alfred Cyril |
| 28 | Employee Awards | Naheed Sunke |
| 29 | Employee Awards | Prashant Bhatt |
| 30 | Employee Awards | Selvam Subbiah |
National News
P N Gadgil Jewellers Delivers Q2 FY27 Revenue Of 26,663.8 Mn; With 22.4% Revenue Growth, 57.1% EBITDA Growth & 52.7% PAT Growth; You
Strong Retail Growth, 25.5% Same-Store Sales Growth and Improved Studded Jewellery Mix Drive Q2 Performance
P N Gadgil Jewellers Limited, one of the most reputed jewellers in the country, boasting 194 years of legacy & excellence in craftsmanship and trusted service in the retail business of gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter and half year ended 30th September 2026.
Key Financial & Operational Highlights:
- Retail Contribution: Retail sales continued to strengthen, with the retail share of total revenue increasing to 77% in Q2FY27 from 72% in Q2FY26, reflecting the Company’s continued focus on expanding its high-margin retail business. Additionally, share of retail revenue from Northern and Central Regions increased to 2.7% in Q2 FY27 from 0.7% in Q2 FY26.
- Strong Same-Store Performance: The Company delivered a robust Same-Store Sales Growth (SSSG) of 25.5% YoY, driven by deeper customer engagement at existing stores.
- Re-Branded LiteStyle to YOOU: The transition from LiteStyle to YOOU marks a strategic evolution towards a more distinctive, lifestyle-led brand. Designed to reflect consumers’ growing preference for self-expression over occasion-led purchases, YOOU combines contemporary aspirations with the trust and credibility of PNG Jewellers. The rebranding aims to strengthen brand resonance among younger, style-conscious consumers, while the refreshed positioning and contemporary identity are expected to support greater relevance and preference for everyday jewellery. Its impact on stud ratio and brand resonance can be assessed through changes in product mix, customer preferences and engagement following the transition.
- Improving Product Mix: The retail stud ratio improved to 11.8% from 9.0% in the same quarter previous year, while the northern & central region delivered a notably stronger performance, achieving a stud ratio of 17.4%; validating the Company’s expansion strategy into markets with structurally higher demand for studded jewellery. Additionally, YOOU by PNG recorded an impressive studded jewellery ratio of 53.1%, reflecting strong customer acceptance of the brand’s lightweight studded offerings.
- Product-wise Performance: During the quarter, the diamond category continued to witness exceptional momentum, delivering 21% growth in value & 11% growth in volume, underscoring increasing customer preference for studded jewellery and supporting the Company’s premiumization strategy. The Gold Jewellery grew by 47% in value & 4% in volume; Gold Bars & Coins reduced by 24% in value & 48% in volume, whereas silver category increased by 12% in value & reduced by 42% in volume.
- Higher Customer Engagement: Healthy customer acquisition continued across markets, with footfalls been at 178,756, while maintaining a robust conversion rate of 88.6%, reflecting strong brand recall, healthy demand and the Company’s ability to consistently convert store visits into purchases.
- Growth in Transactions & Spending: At the retail level, Company recorded an Average Transaction Value (ATV) of Rs 1,22,100, with the Legacy at Rs 1,22,423 and YOOU at Rs 65,320, reflecting healthy transaction values across its brand portfolio.
- CRISIL A+/Stable Credit Rating Reaffirmed: CRISIL has reaffirmed the company’s ‘A+/Stable’ credit rating, reflecting its established credit profile and stable outlook.
- Acquisition of Silvostyle: A sterling silver fashion jewellery brand offering bold, contemporary and trend-led designs for everyday wear, acquired in full on 1 October 2026.
- Underlying Operating Performance: With the current hedging coverage ~80%, the remaining unhedged inventory resulted in an unhedged gain of Rs 50 Mn during Q2 FY27, compared to Rs 60 Mn in Q2FY26. Excluding this gain, Adjusted EBITDA stood at Rs 2,196 Mn, compared to Rs 1,369 Mn in the corresponding quarter last year, while the Adjusted EBITDA Margin increased to 8.2% from 6.3%.
- Adjusted Profitability: Excluding the net impact of the unhedged gain, Adjusted PAT stood at Rs 1,174 Mn in Q2FY27, compared to Rs 750 Mn in Q2FY26, translating into an Adjusted PAT Margin of 4.4%, as against 3.4% in the corresponding quarter last year.
- Expansion Pipeline on Track: During the quarter, the Company remained focused on enhancing the productivity of its existing network while progressing site identification, franchise partner onboarding and operational readiness for its upcoming expansion, with a significant focus on Northern and Central region, in line with its growth strategy.
- As of 30th Sept 2026, the Company operated 80 stores (79 in India and 1 in the U.S.A.). A majority of the year’s expansion scheduled across Q3 and Q4 FY27, in line with the Company’s phased rollout plan.
Commenting on the performance, Dr. Saurabh Gadgil, Chairman & Managing Director, P N Gadgil Jewellers Limited, said:
“We continued to strengthen our retail business in Q2 FY27, with retail contributing 77% of total revenue and same-store sales growth reaching 25.5%. The improvement in our retail stud ratio to 11.8%, alongside a higher stud ratio of 17.4% in the Northern & Central region, reinforces our confidence in the region’s growth potential and validates our expansion strategy. We are also evolving our brand portfolio to address changing consumer preferences. The rebranding of LiteStyle to YOOU by PNG has strengthened our focus on contemporary, lifestyle-led jewellery, with studded jewellery contributing 53.1% of its sales.
The acquisition of Silvostyle further expands our presence in the fast-growing silver fashion jewellery segment. Looking ahead, we remain focused on disciplined expansion, particularly across Northern and Central India, with most planned store additions scheduled for the second half of FY27. Backed by our 194-year legacy, trusted brand and evolving retail capabilities, we remain committed to sustainable, profitable growth and long-term stakeholder value creation.”
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