Jewellers

The rise in the PN Gadgil share came after domestic brokerage firm Motilal Oswal initiated coverage with a 'Buy' rating for a target price of Rs 950, reflecting an upside of 24%

Conservative buyers gravitated toward Shagun coins, while younger ones chose lightweight or 18k jewellery

Dhanteras has begun on a slow note and jewellers expect footfalls to pick up and sales to increase even as the high gold price is likely to dampen the festive demand for the yellow metal. "Being a weekday we are seeing few footfalls in the morning hours as people are going to attend office. However, we are expecting the rush from afternoon, that is 2-2.30 pm, till late evening," All India Gem And Jewellery Domestic Council chairman Saiyam Mehra told PTI. He said, volume-wise sales will be impacted due to the ruling high gold prices and expect to do business either 5 per cent lower than last year or same as last year this Dhanteras, which is considered an auspicious day for purchasing precious metals, gold and silver jewellery. "We are expecting 20 tonnes of sales this Dhanteras, which is the same as last year, however, higher gold prices may impact the sales," he added. Gold prices fell Rs 400 to Rs 81,100 per 10 grams in the national capital on Monday. The precious metal of 99.9 p

Jewellery retail chain PN Gadgil Jewellers Ltd on Monday said it has raised Rs 330 crore from anchor investors, a day before its initial share-sale opening for public subscription. ICICI Prudential Life Insurance Company, Tata Mutual Fund (MF), Axis MF, Mirae Asset MF, HDFC MF, Bandhan MF, Nippon India MF, Goldman Sachs (Singapore) Pte, Citigroup Global Markets Mauritius, Societe Generale, Troo Capital, The Jupiter Global Fund are among the anchor investors. According to a circular uploaded on BSE's website, the company has allocated a total of 68.75 lakh equity shares to 33 funds at Rs 480 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 330 crore. The Rs 1,100-crore initial public offering (IPO) will open for subscription on September 10 and conclude on September 12. The price band has been fixed at Rs 456 to Rs 480 per share. The Maharashtra-based company's IPO is a combination of a fresh issue of equity shares worth up to Rs 850

Shares of the jewellery retailer rose 9 per cent to end at Rs 597.5 on the BSE

Kalyan Jewellers said on Monday it will acquire the remaining 15 per cent stake in its e-commerce subsidiary Enovate Lifestyles, which operates under the brand Candere, for Rs 42 crore. The deal, to be completed in three tranches, will make Candere a wholly owned unit as Kalyan Jewellers shifts focus from pure e-commerce to an omnichannel strategy, the company said in a regulatory filing. Kalyan Jewellers first acquired a majority stake in Candere in 2017 to enter the online jewellery market. The latest transaction involves buying 57,320 equity shares from existing shareholder Rupesh Jain. "We're excited to explore an emerging market segment within the jewellery industry, focusing on lightweight, fashion-forward designs," Managing Director T S Kalyanaraman said. Candere, which reported an annual revenue of Rs 130.3 crore in the 2023-24 fiscal, launched 11 physical showrooms last year and plans to quadruple its offline presence this fiscal.

Jewellery retail chain P N Gadgil Jewellers Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,100 crore through an initial public offering (IPO) to fund its expansion and pare debt. The Maharashtra-based company's proposed IPO is a combination of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares to the tune of Rs 250 crore by a promoter SVG Business Trust, according to the draft red herring prospectus (DRHP). At present, SVG Business Trust holds 99.9 per cent stake in P N Gadgil Jewellers. Of the IPO proceeds of Rs 850 crore, a total of Rs 387 crore will be utilised for the funding of expenditure towards setting up of 12 new stores in Maharashtra, Rs 300 crore for payment of debt, besides a portion will also be used for general corporate purposes. As on February 29, 2024, the company had total outstanding borrowings of Rs 377.45 crore, as per the draft papers filed last week. P N Gadgil Jewellers

The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 77,900

Several jewellery retailers have joined the bandwagon of the Ram Temple consecration, unveiling new collections with temple-style motifs and imagery of Lord Ram. Senco Gold & Diamonds has launched its 'SiyaRam' collection, while Kalyan Jewellers introduced 'Nimah', a heritage jewellery line-up, company officials said. "The atmosphere of devotion to Lord Ram is palpable everywhere in anticipation of the Ram Mandir inauguration, said Suvankar Sen, MD & CEO of Senco Gold & Diamonds. The designs capture the grandeur of the Ram Mandir, commemorating the legendary moment of Lord Ram and Sita's coronation, he said. The new collection captures the essence of exemplary leadership, companionship and devotion, and highlights delicate craftsmanship, Sen said. Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, said the 'Nimah' collection is a celebration of our rich heritage, cleverly reimagined through contemporary design and adorned with precious stones. The design is ...

The Rs 100 crore-initial share sale of RBZ Jewellers received 16.86 times subscription on the closing day of bidding

RBZ Jewellers on Monday said it has fixed a price band of Rs 95-100 per share for its initial share sale that will open for public subscription on December 19. The three-day Initial Public Offering (IPO) will conclude on December 21, the company said in a statement. The IPO is entirely a fresh issue of 1 crore equity shares with no offer for sale (OFS) component. The Ahmedabad-based B2B and retail jewellery firm would raise Rs 100 crore through the issue at the upper end of the price band. Proceeds from the issue will be utilised for funding the working capital requirements of the company and for general corporate purposes. The company's revenue from operations rose 14 per cent to Rs 289.6 crore in fiscal 2023 from Rs 252.5 crore in fiscal 2022. Besides, profit after tax surged 55 per cent to Rs 22.43 crore in fiscal 2023 from Rs 14.48 crore in the preceding financial year. Arihant Capital Markets Ltd is the sole book-running lead manager to the issue. The equity shares are propo

The deals took place at around Rs 1,832 apiece. Shares of Mankind fell 3.6 per cent to close at Rs 1,849

Over century-old noted jewellery retailer Vummidi Bangaru Jewellers has forayed into the United States market with the launch of a new store in Dallas, the company said on Wednesday. Over the next three years, the company has planned to strengthen its presence with three more stores in the US and eight in Tamil Nadu with an investment of Rs 1,850 crore. With the foray into the United States, the jeweller plans to garner USD 100 million in revenue in a year and expects at least 30 per cent of this to contribute to the overall business in the next three years. "The first store in Dallas is a testimony to the fact of what our customers need in the United States. Each and every piece of jewellery reflects the ethos of VBJ in quality, contemporary style, and design," Vummidi Bangaru Jewellers Managing Partner Amarendran Vummidi said. "We are planning to open three more in Chicago, Virginia and California in the next three years," he said on the expansion plan. The facility in Dallas, .

Leading jewellery firm Joyalukkas India Pvt Ltd plans to invest about Rs 2,400 crore in the next two financial years to open 30 new showrooms in India and ten outlets abroad, according to Chairman and Managing Director Joy Alukkas. The company is also preparing for an IPO (initial public offering) for further expansion of its business, he said. Currently, Joyalukkas has 100 showrooms in India and 60 outlets in ten countries. "We have plans to expand our operations both in India and abroad. We are targeting to open 30 new showrooms in India, while ten outside India in the next two financial years 2024-25 and 2025-26," Joy Alukkas told PTI in an interview. Alukkas said the company will invest on an average about Rs 60 crore on each showroom. "The total investment for opening 40 showrooms will be Rs 2,400 crore," he said. Around 30 showrooms will be opened mostly in north India, while ten of them in other countries including Canada and Australia. The investments will be made from .

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Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level. Currently, gold prices have corrected to around Rs 60,200 per 10 grams level in the country. "There have been a lot of inquiries about purchasing gold or silver with Rs 2,000 notes, hence the higher footfalls on Saturday. However, due to strict KYC norms actual purchase has been less," apex industry body All In

Two-day pre-Diwali Dhanteras buying of gold and silver began on a positive note on Saturday with some big jewellers and an industry body anticipating a further pickup in demand by Sunday and up to 20 per cent higher sales than the last year. High gold prices have not deterred consumers from buying on Dhanteras, which is considered the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, to other valuables. On Saturday, gold prices were ruling at Rs 50,139 per 10 grams, excluding taxes, in the national capital, much higher than Rs 47,644 per 10 grams on Dhanteras day in 2021. Normally, 20-30 tonnes of gold is sold on a Dhanteras day. "As this year Dhanteras is spread over the weekend, we expect the momentum to increase towards evening and tomorrow," All India Gem And Jewellery Domestic Council Chairman Ashish Pethe told PTI. The market response has been good on the first day of Dhanteras and is likely to continue on Sunday as well, h

Small, often family-run businesses account for about 65% of the world's second biggest jewellery market, the WGC said in a report Wednesday

Vaibhav Gems N' Jewellers Ltd, a leading regional jeweller brand in South India, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The public issue comprises fresh issue of equity shares aggregating up to Rs 210 crore and an Offer-for-Sale (OFS) of 43 lakh equity shares by promoter entity Grandhi Bharata Mallika Ratna Kumari (HUF), according to the draft red herring prospectus (DRHP). Also, the company may consider a further issue of equity shares aggregating up to Rs 40 crore. If such a placement is completed, the fresh issue size will be reduced. Proceeds of the fresh issue will be utilized to finance the establishment of eight new showrooms costing Rs 12 crore and the purchase of inventory worth Rs 160 crore over FY23 and FY24, besides general corporate purposes. Visakhapatnam-headquartered Vaibhav Jewellers offers a wide range of products in gold, diamonds, gems, platinum and silver jewellery or articles. I

The India International Bullion Exchange is expected to attract dealers, refineries and foreign banks, Chief Executive Officer Ashok Gautam said