Acquisition gives Sky Gold access to lightweight uncut and Precia jewellery, higher-margin studded products and stronger export opportunities
Sky Gold & Diamonds has acquired 100 per cent equity shares of Purvi Gems & Jewellery (India) for a cash consideration of Rs 9 crore, in a move aimed at expanding its presence in lightweight and studded jewellery while strengthening its domestic and export business.
The acquisition was completed on October 7 and represents 1.5 times Purvi Gems’ book value as of March 31, 2026. The company said the transaction is not a related-party transaction, with neither its promoter nor promoter group having any interest in Purvi Gems.
The management of Purvi Gems will continue to oversee the business, which Sky Gold said would support continuity and integration following the acquisition.
Focus On Lightweight And Higher-Margin Jewellery
Purvi Gems specialises in lightweight, uncut and Precia jewellery, with an established presence in markets including South India and export markets. Sky Gold expects the acquisition to increase its exposure to studded jewellery, a segment it has identified as offering higher margins and potential for product-mix improvement.
The acquisition will also provide Sky Gold with an immediate entry into the lightweight uncut and Precia jewellery segment, expanding its addressable market and adding specialised manufacturing capabilities to its portfolio.
According to the company, Purvi Gems has the potential to generate around 100 kg of monthly sales. Sky Gold also sees opportunities to cross-sell Purvi Gems’ products through its existing customer network and increase wallet share.
The company expects the acquired business to generate more than Rs 1,600-1,800 crore in annual revenue over the next two to three years.
Export Opportunity In Focus
Sky Gold said the acquisition would also strengthen its export opportunity, particularly through specialised lightweight and studded products that have demand across international markets, including the Middle East.The move comes as the company seeks to expand through acquisitions in value-added jewellery categories with higher margins.
Sky Gold said its acquisition strategy is focused on businesses that can broaden its product portfolio, strengthen manufacturing capabilities and improve operating efficiencies. “Strategic acquisitions have been an important driver of Sky Gold’s growth and value creation journey. Our disciplined approach to identifying and integrating businesses has helped us expand capabilities, diversify our product portfolio, improve operating efficiencies and strengthen profitability,” said Mangesh Chauhan, Managing Director, Sky Gold & Diamonds.
“The acquisition of Purvi Gems is another step in this direction. The business brings complementary capabilities in the lightweight uncut and studded jewellery segments, an established customer base and a skilled team,” Chauhan added.
Acquisition Track Record
The Purvi Gems deal follows a series of acquisitions through which Sky Gold has expanded into specialised jewellery categories.
Sparkling Chains, acquired to provide entry into the fast-moving chains segment, increased its turnover from Rs 201 crore as of March 31, 2024 to Rs 760 crore as of March 31, 2026, while PAT rose from Rs 0.1 crore to Rs 22.3 crore.
Starmangalsutra, acquired to strengthen Sky Gold’s presence in the mangalsutra segment, grew turnover from Rs 171 crore to Rs 622 crore over the same period, while PAT increased from Rs 0.07 crore to Rs 22.9 crore.
Speed Bangles, formerly Ganna N Gold, was acquired in August 2025 to strengthen lightweight bangle manufacturing capabilities. Its turnover increased from Rs 0.87 crore as of March 31, 2025 to Rs 42 crore as of March 31, 2026, while PAT rose from Rs 0.07 crore to Rs 16.6 crore.
Shri Rishabh Gold, acquired in December 2025, increased turnover from Rs 49 crore as of March 31, 2025 to Rs 175 crore as of March 31, 2026, with PAT rising from Rs 1.6 crore to Rs 18.8 crore.
Purvi Gems Targets Next Growth Phase
Jigar Mehta, Director, Purvi Gems & Jewellery (India), said the company had built its position over the past 15 years in lightweight, uncut and Precia jewellery.
“We believe Sky Gold’s scale, manufacturing capabilities, extensive customer network, and proven track record of integrating and growing acquired businesses provide the ideal platform for the next phase of our growth,” Mehta said.
Sky Gold, established in 2008 and listed on the BSE and NSE, operates a 1,50,000 sq ft manufacturing facility in Navi Mumbai. The facility has an annual gold-processing capacity of 14.4 tonnes and the company has a design library of more than 9,00,000 styles.
The company manufactures a range of jewellery including rings, chains, mangalsutras, bracelets, pendants and earrings, including products featuring American diamonds, natural diamonds, lab-grown diamonds and coloured gemstones.
