Q3 went exceptionally well for Goldiam. We posted higher revenue with better margin profile during Q3, thus improving overall margin for nine months ended so far of FY25. While Q3 typically is a better quarter for Goldiam due to the festive season purchases across the USA, Goldiam’s efforts to improve wallet share amongst its existing customers is translating in better revenue growth, even as the US jewellery market remain stagnant. This coupled with our quick time to market, innovative designs, and efficient procurements of diamonds helping us in protecting and strengthening the margins. Q3 was also significant for us as we made our India foray with the domestic B2C brand “ORIGEM”.

Our B2B jewellery export posted satisfactory growth during Q3; what excites us is that 80% of the revenue has come from lab grown diamond jewellery export. The gives us huge boost of confidence to expand our India retail brand ORIGEM as consumer acceptance of lab grown diamond jewellery is going to be extremely rapid in our opinion. Also, while these are early days for ORIGEM with just three stores, consumer response at each store is more than satisfactory. We recently opened our Mumbai Flagship store in the key jewellery market of Turner Road in Bandra, marking our entry into one of the most prestigious shopping destinations in our country. We hope this establishes ORIGEM’s brand & promise as we roll out more stores nationally, in the near future. Our recently launched ORIGEM website is seeing good traction among consumers. We have three more stores planned in Mumbai, post which ORIGEM will enter National Capital Region.”