Arjun Jewellers IPO

Arjun Jewellers Limited IPO Strengths

Extensive and Trend-Aligned Jewellery Collection

Arjun Jewellers, based in Saurashtra, Gujarat, is a key retailer known for its unique and wide-ranging jewellery designs. The product portfolio features over 32 gold, 51 silver, 6 platinum, and 14 diamond designs, available at various price points for all occasions. The company’s local insight allows it to tailor offerings to specific aesthetic needs and current fashion trends.

Value-Added Customer Engagement and Loyalty

The company offers diverse schemes, such as the ‘Arjun Dream Plan,’ to foster customer loyalty and repeat engagement. Arjun Jewellers provides exchange and buyback options, along with structured loyalty programs that offer rate-based discounts and concessions on making charges. These value-added programs are central to the brand’s retention strategy.

Strategic Cluster-Based Store Expansion

Arjun Jewellers employs a cluster-based store expansion strategy across high-traffic areas in Rajkot and Jamnagar, Gujarat. This approach maximizes brand visibility, allows for a deeper understanding of local market needs, and facilitates efficient inventory rotation. It also optimizes marketing spend and human resource utilization across nearby locations.

Targeted Multi-Channel Marketing Initiatives

The company implements targeted marketing and promotional campaigns across traditional media, digital platforms, and OTT channels to boost brand recall. Arjun Jewellers engages a third-party agency to manage content, influencer collaborations, and outdoor advertising. This specialized effort has resulted in a significant social media following and increased brand visibility.

Experienced and Founder-Led Management Team

Arjun Jewellers is led by co-founder and Promoter Manishbhai Nathubhai Ghadiya, who has over 8 years of industry experience. The leadership team, which includes a total of 6 Directors (3 of whom are Independent), provides a strong competitive advantage. Their collective vision and experience in the gems and jewellery sector drive robust business growth.

More About Arjun Jewellers Limited

Arjun Jewellers Limited is a retail-focused jewellery company engaged in marketing and selling gold, silver, platinum, diamond, and other precious stone jewellery through its exclusive chain of retail stores. Headquartered in Rajkot, Gujarat, the company offers a wide assortment of necklaces, earrings, rings, bracelets, pendants, and bridal jewellery — each reflecting a perfect balance of traditional artistry and modern design aesthetics.

Presence in the Saurashtra Market

Arjun Jewellers Limited has established a strong foothold in the Saurashtra region, with three showrooms — two in Rajkot and one in Jamnagar — collectively spanning 7,019.91 sq. ft. These stores cater to a diverse customer base seeking BIS-hallmarked, authentic jewellery. The company has built its reputation through ethical business practices, a customer-centric approach, and consistency in delivering high-quality products.

Product Portfolio

Arjun Jewellers offers a diverse collection of over 103 SKUs, making it a preferred destination for both traditional and contemporary jewellery buyers.

• Gold Jewellery: 32 designs

• Silver Jewellery: 51 designs

• Platinum Jewellery: 6 designs

• Diamond & Precious Stone Jewellery: 14 designs

Each piece is carefully curated to suit regional tastes and modern lifestyles, ranging from daily wear to bridal and festive jewellery. The pricing structure spans from affordable pieces (₹913) to high-value luxury items, catering to customers across income levels.

Operations and Sourcing

The company sources finished jewellery primarily from trusted vendors in Maharashtra and Gujarat, ensuring quality, variety, and timely stock availability. Its data-driven inventory management enables efficient responses to changing consumer preferences. In FY 2025, 2024, and 2023, Arjun Jewellers’ purchases of stock-in-trade amounted to ₹3,788.22 million, ₹2,920.88 million, and ₹1,461.75 million, respectively.

Marketing and Customer Engagement

Arjun Jewellers employs an integrated marketing strategy, combining digital outreach via Instagram, Facebook, and OTT advertising with traditional media like newspapers, radio, and outdoor hoardings. In FY 2025, advertising and promotional expenses stood at ₹113.38 million. The company also runs customer loyalty schemes such as the “Arjun Dream Plan”, encouraging repeat engagement and long-term brand association.

Strategic Retail Expansion

Following its transformation from a partnership firm in 2017 to a private limited company in 2020, Arjun Jewellers diversified into diamond and platinum segments and expanded regionally with a new Jamnagar showroom in 2025. Its cluster-based retail model enhances operational efficiency, strengthens brand visibility, and ensures personalised shopping experiences — positioning Arjun Jewellers as a leading jewellery brand in Saurashtra.

Industry Outlook

Market Size & Growth Projections

• The Indian gems and jewellery industry was valued at approximately US $78.50 billion in FY 2021.

• Forecasts indicate strong growth ahead:

• The market is projected to expand from US $100.94 billion in 2024 to US $168.62 billion by 2030, registering a CAGR of about 8.9%.

• Another estimate suggests it will reach US $227.66 billion by 2033, at a CAGR of nearly 9.2% during 2025-33.

• A more conservative forecast places it at US $89.65 billion in 2024, rising to US $153.77 billion by 2033, with a CAGR of around 6.3%.

Key Growth Drivers

• Rising disposable incomes and a growing middle-class population are increasing jewellery consumption.

• India’s deep cultural affinity for gold and diamond jewellery continues to drive sustained demand.

• The growing shift toward branded and hallmarked jewellery has strengthened consumer confidence.

• Rapid digitalisation and omni-channel retail are transforming buying patterns, with online jewellery sales gaining pace while offline stores remain dominant.

• The rise of lab-grown diamonds (LGDs) represents an exciting segment, expected to reach around US $1.2 billion by 2033, growing at roughly 15% CAGR.

Segment Outlook (Relevant to Arjun Jewellers)

Arjun Jewellers markets a diverse range of gold, silver, platinum, diamond, and precious stone jewellery, aligning with key growth areas in the industry.

• Gold jewellery remains the largest segment, accounting for nearly 86% of total jewellery consumption in India.

• Diamond and precious stone jewellery is projected to grow at a CAGR of around 6.6% from 2024 to 2030, supported by rising luxury demand.

• Silver and platinum jewellery are emerging as alternative premium segments, appealing to younger and affluent consumers.

• Popular product categories such as necklaces, rings, earrings, and pendants continue to drive significant revenue growth.

Outlook Summary & Implications

The Indian gems and jewellery industry is poised for sustained expansion, with expected CAGR ranging between 6% and 10% in the coming years. For regional retail-focused players like Arjun Jewellers Limited, this growth offers substantial opportunity—particularly in markets where hallmarked, certified, and design-driven products are in demand.

To capture this potential, jewellers are focusing on brand building, product diversification, supply chain authenticity, and digital engagement. While challenges such as metal price volatility and intensifying competition persist, companies with strong regional presence, trust-based relationships, and a blend of traditional craftsmanship and modern aesthetics are well-positioned to thrive in India’s evolving jewellery landscape.

How Will Arjun Jewellers Limited Benefit

• Arjun Jewellers Limited is well-positioned to benefit from the industry’s projected CAGR of 6–10%, supported by India’s rising demand for gold and diamond jewellery.

• Its focus on BIS-hallmarked and certified jewellery aligns with the growing consumer preference for authenticity and trust.

• The company’s diverse product portfolio—spanning gold, silver, platinum, and diamond—allows it to tap into multiple high-growth segments.

• With increasing consumer spending on luxury and bridal jewellery, Arjun Jewellers can leverage its regional brand strength in Saurashtra to expand market share.

• Its cluster-based retail model and data-driven inventory management enable cost-efficient scalability in emerging tier-2 and tier-3 cities.

• The company’s digital marketing initiatives and customer loyalty programs position it to attract younger buyers and repeat customers, enhancing brand visibility and long-term profitability

Peer Group Comparison

Name of the Company	Face Value (₹)	Total Revenue (₹ in million)	EPS (₹)	NAV (₹)	P/E Ratio	RoNW (%)	PAT Margin (%)
Arjun Jewellers Limited*	10.00	3,833.35	6.09	10.77	[●]#	78.69%	3.97%
Peer Group
Motisons Jewellers Limited	1.00	4,621.12	0.44	4.20	44.07	10.44%	9.34%
Thangamayil Jewellery Ltd	10.00	49,105.80	42.00	39.00	52.10	10.77%	2.42%
Senco Gold Limited	5.00	63,280.72	10.09	12.47	37.17	8.09%	2.52%
Radhika Jeweltech Ltd	2.00	5,877.87	5.09	2.73	18.13	18.63%	10.23%
Tribhovandas Bhimji Zaveri Ltd	10.00	26,204.84	10.25	9.85	18.24	10.41%	2.61%

Key Strategies for Arjun Jewellers Limited

Strategic Store Network Expansion

Arjun Jewellers plans to strengthen its market position by expanding its store network within Saurashtra, Gujarat. The strategy includes opening new, strategically located showrooms in Rajkot (Twin Tower and University Road) and establishing a presence in Morbi to target various income segments and capitalize on the region’s anticipated growth.

Diversify and Expand Product Offerings

The company will diversify its product portfolio by focusing on high-demand, trend-responsive categories. This includes launching the new ‘AEVUM’ brand for lightweight, fashion-forward jewellery and introducing an exclusive line of accessories for men, aiming to attract a broader, younger demographic and mitigate product concentration risk.

Invest Continuously in Brand Building

Arjun Jewellers intends to increase its investment in marketing initiatives and brand building to enhance visibility and revenue growth. The company will continue using targeted advertising across local media, digital platforms, and in-store events to strengthen brand recall and establish relationships with its target customers in the competitive Saurashtra market.

Augment Inventory for New Showrooms

To support the planned expansion in Saurashtra, the company will augment its inventory investment. A significant portion of the proposed Issue proceeds, ₹1,538 million, is intended to be allocated toward inventory requirements for the new showrooms. This is essential to sustain growth and ensure adequate product appeal for a broader market reach.