One of the country’s biggest jewellery manufacturers, Emerald Jewel Industries, is planning an INR 2,700 crore public offer. If materialised, the Emerald Jewel IPO will be one of the largest jewellery IPOs in Indian market history, giving yet more confidence to investors in the sector.
Emerald Jewel IPO Details
According to reports, Emerald Jewel has appointed Axis Bank, Motilal Oswal Investment Advisors, and SBI Capital Markets as lead advisers for the proposed offer. Emeral Jewel IPO is expected to include a combination of primary issuance and secondary share sales by existing shareholders.
While the final valuation, size, and timing remain fluid, discussions currently point to a later-2026 listing, with additional bankers potentially joining as the deal matures.
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Emerald Jewel IPO: Business Model & Financial Strength
Founded in 1984 by K. Srinivasan, Emerald Jewel has evolved into a vertically integrated jewellery maker spanning manufacturing, wholesale (B2B), and retail. The company operates retail stores under the JewelOne brand, with 13 outlets across southern and western India, supported by 82 distributors nationwide and design centres in Coimbatore, Mumbai, Delhi, and Dubai.
Its financials underscore the company’s scale:
- FY24 Revenue: INR 6,685 crore
- FY24 Profit After Tax (PAT): INR 138 crore
- Workforce: Over 5,000 employees
This operating leverage positions Emerald among the largest organised jewellery players in Asia, not merely India.
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Favourable Macro Tailwinds
Emerald Jewel IPO ambitions come at a time of structurally improving conditions for Indian jewellery exporters. A recently concluded India–European Union free trade agreement grants duty-free access to Indian gems and jewellery exports, materially enhancing margins and competitiveness in European markets.
In addition, sentiments for the Indian market have improved after the United States sharply reduced tariffs on Indian goods, triggering broad-based stock market gains.
Positioning Among India’s Largest Jewellery IPOs
In the past 8 years, only 10 IPOs have come from the Gems and Jewellery sector. Out of these, Bluestone Jewellery IPO remains the biggest, which raised INR 1,540 crore last year, followed by Kalyan Jewellers (INR 1,174.8 crore) in 2020 and PN Gadgil (INR 1,100 crore) in 2024. Emerald Jewel IPO (INR 2,700 crore) would surpass all of them, setting a new record in the industry.
Market participants view this deal as part of a broader surge in Indian capital markets, following a record year for IPO fundraising. The IPO pipeline for 2026 is particularly strong, with mega-listings expected, including a potential flotation of Jio Platforms, which could become India’s largest IPO ever.
A Catalyst for Sector-Wide Listings
Emerald Jewel IPO decision is also likely to kickstart a new wave of high-profile IPOs from some of the biggest, family-run jewellery players around. People in the market are saying that the likes of Lalithaa Jewellery, Malabar Gold & Diamonds, Kalamandir, & Pothys are all actively looking at going public, and companies are being encouraged by the improving market valuations, government support and investors’ willingness to take a bet on organised jewellery businesses.
Outlook
If successful, Emerald Jewel IPO would mark a structural inflexion point—not just for the company, but for India’s traditionally fragmented jewellery industry. The listing will help speed up the process of formalisation, transparency and global investment coming into the sector, and give investors the chance to get in on a market that’s benefiting from increasing consumption, export incentives, and consolidation as bigger brands try to dominate the market.
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