India’s leading jewellery manufacturer Emerald Jewel Industries appoints Bankers for IPO

One of India’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 investors in the sector yet more confidence. 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.

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. This operating leverage positions Emerald among the largest organised jewellery players in Asia, not merely India.

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. In the past 8 years, only 10 IPOs have come from the Gems and Jewellery sector.