Priority Jewels IPO

Priority Jewels IPO will open for subscription on Friday, 28 August 2026. The company is involved in designs, manufactures, and sells of lightweight, economical, diamond-embedded gold and platinum jewellery.

The company is mainly engaged in B2B operations that sell to independent jewellery retailers as well as organised jewellery chains in India and some select overseas markets. The company’s main clientele includes CaratLane, Kalyan Jewellers, Reliance Retail, Malabar Gold & Diamonds, Tribhovandas Bhimji Zaveri and Senco Gold. The manufacturing operations of the company extend to cover all activities from design conception and rapid prototyping to casting, stone setting, polishing, rhodium plating and quality inspection.

The company mainly caters to lightweight, aspirational but affordable everyday wear jewellery that includes rings, earrings, pendants / mangalsutras, bracelets and neckwear along with occasion-based couture jewellery. Its products have been segmented on the basis of weight and pricing to appeal to a wide customer base. Lab-grown diamond jewellery manufacturing has been undertaken by the company only against specific client requirements, though at present this category accounts for an immaterial proportion of its sales. In Q1FY27, the company sold 42,672 units of jewellery, with 41.97% and 30.80% being earrings and rings, respectively.

The firm makes money through the sale of ready-made jewellery, diamonds, and other gemstones to B2B customers. In FY26, revenue from the sale of goods was ₹513.14 crore, which formed 95.21% of revenue from operations, and job work charges were ₹16.15 crore. In Q1FY27, sales revenue formed 96.30% of revenue from operations. Purchase orders containing the details regarding design, quantity and delivery schedule are made by the customers.

In order to meet the changing needs of the customers, the firm has developed an in-house design team comprising 39 people up until June 30, 2026. The design team keeps track of consumer preferences based on past sales information, social media, trade shows, and jewellery shows held internationally and creates new collections or designs for them. During FY26, there were 8,356 designs made by the design team compared to 6,401 during FY25 and 5,231 during FY24; whereas 4,168 designs were designed during Q1FY27.

There are two manufacturing units of the company in Mumbai. One of them is a MIDC integrated unit of Andheri East that covers an area of 19,008.79 sq. ft. with state-of-the-art casting, CAD/CAM and 3D printing technologies, whereas the other one is a SEEPZ unit covering an area of 6,821.84 sq. ft. and mainly targets exports. The total installed capacity of the company for diamond-studded jewellery stands at 700 kg annually. The company's capacity utilisation ratio was 65% in FY26, down from 81% in FY25 and 83% in FY24, suggesting some spare capacity.

As of June 30, 2026, the company had more than 200 customers, including 125 independent jewellers and 53 jewellery chains. There are several customer relationships that have existed for 8 to 16 years. The top five customers constituted 33.36% of revenues in Q1FY27, and the top ten customers constituted 53.19% and 47.92% in FY26.

The company has achieved pan-Indian coverage and exports to various foreign destinations. As of June 30, 2026, the customer base for the company was distributed over 18 states and 3 union territories in India as well as eight foreign nations including UAE, Belgium, Hong Kong, Australia, USA, Norway, Greece, and Denmark. The export income grew to ₹264.80 crore from ₹158.58 crore recorded in FY25, accounting for 49.13% from 36.41% of the revenue share.

The Indian gems & jewellery industry is witnessing constant growth and becoming more organised owing to increasing disposable income, urbanisation, weddings and festive demand and the growing preference of consumers towards branded jewellery. The domestic gems & jewellery industry was estimated at approximately ₹9,99,817 crore in CY25 and is expected to witness a CAGR of 12.82% between CY25 and CY30P.

The share of the organised segment in the domestic gems & jewellery market has increased to about 35-40% owing to GST, mandatory hallmarking, consumer awareness regarding purity and price, and an increase in organised jewellery chains. Amongst the domestic gems & jewellery market, gold is the leading metal used, but there is also an increasing demand for lightweight, trendy and economical jewellery. The daily wear jewellery market is expected to witness a CAGR of 14.62% between CY25 and CY30P, while the online jewellery market is expected to grow from ₹32,782 crore in CY25 to ₹88,939 crore in CY30P.

The company's 39-person design team designed a total of 8,356 designs during FY26, allowing it to cater to changing tastes of customers regarding contemporary and differentiated jewellery designs. In addition, the company's manufacturing units, operating within a space of 25,830.63 sq. ft. and supported by CAD/CAM, casting and 3D printing capabilities, provide an edge to the company in offering diversified jewellery designs with quality. The company's customer base comprises well-established retailers like CaratLane, Kalyan Jewellers, Reliance Retail, TBZ and Senco Gold, whereas its presence in 18 states, 3 Union Territories and eight foreign countries gives it reach both in India as well as abroad. This positioning is consistent with the trend in the industry towards organised retail, branding, designs, transparency, and expanded market coverage.

Now, Priority Jewels Limited is launching its initial public offering (IPO), which consists of a fresh issue of ₹92 crore only. Its shares will be listed on the NSE and BSE.

If you are interested in this investment opportunity but unsure how to apply for Priority Jewels IPO, here are the steps that you need to follow.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Priority Jewels IPO on Upstox: