Nityas Gems & Jewellery Ltd.
Nityas Gems & Jewellery designs, manufactures and sells lab-grown diamond studded gold jewellery through integrated B2B manufacturing and D2C retail operations under the Ayaani brand.
Overview
About the Company
Established in April 2022 and headquartered in Surat, Gujarat, the company operates an integrated business model encompassing B2B manufacturing for organized retailers, standalone retailers and wholesalers, alongside direct-to-consumer retail through its subsidiary Ayaani Diamonds and Jewellery Private Limited. The product range spans rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles, with emphasis on lightweight, affordable daily-wear jewellery. The manufacturing facility in Surat features in-house design capabilities, prototyping and production functions. The company serves customers across 18 Indian states and 2 Union Territories, plus international markets including UAE, Australia, Canada, Taiwan and Kenya. In July 2025, the company acquired Ayaani which operates 10 physical retail stores across eight cities alongside its online storefront.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Funding working capital requirements of the company (₹70 crores)
- › General corporate purposes
✅ Strengths
- ✓ Robust financial performance with consistent growth trajectory
- ✓ Well positioned to capitalize on the expanding lab-grown diamond jewellery market
- ✓ Manufacturing capabilities supported by in-house design and technology integration
- ✓ Integrated B2B and D2C business model with growing and diversified customer base
- ✓ Skilled in-house workforce enabling quality control and reduced dependence on external job work
- ✓ Rapidly expanding customer network servicing 323 B2B clients across 18 states
- ✓ Design-led manufacturing supported by 122 in-house karigars
- ✓ Strong focus on high-growth affordable lightweight lab-grown diamond jewellery
- ✓ Scalable financial performance with operating revenues compounding over 94% annually
⚠️ Risks
- ! High customer concentration with top 10 clients driving 55.49% of FY26 revenues
- ! Geographic concentration with five key states contributing over 85% of total sales
- ! Operations are working capital intensive requiring significant ongoing funding
- ! Heavy reliance on top 10 suppliers who accounted for 86.16% of FY26 purchases
- ! All manufacturing operations concentrated at a single facility in Surat creating operational risk