Jewellery manufacturer Sky Gold and Diamonds reached a record high of ₹1,021.95, rising 221% since April 2026. This growth is driven by strong B2B manufacturing demand and an expanding export footprint in the Middle East. Investors are monitoring the company’s ability to scale exports while managing the working capital requirements typical of the jewellery manufacturing sector.
Sky Gold and Diamonds shares reached a new record high of ₹1,021.95 in trading on Thursday. The stock has seen a significant rally, climbing over 221% since the beginning of the 2026-27 financial year. This upward movement stands out in the current market, reflecting investor confidence in the company’s B2B manufacturing business model.
The core of this growth lies in the company’s ability to supply large jewellery retail chains. By acting as a B2B manufacturer, Sky Gold supports major names such as Malabar Gold and Diamonds and Joyalukkas. As Indian consumers increasingly switch from local, unorganized jewellery shops to certified, hallmarked products, larger manufacturers that can supply these national and international chains are seeing higher demand.
International expansion has also become a key strategy. The company established a B2B sales hub in Dubai last year to serve the Middle East. Export revenue has grown from 3% of total sales in FY23 to 12% in the most recent reporting period. The company has secured partnerships with major international retailers like DAMAS and KANZ. Management has stated plans to reach a 20% export revenue share by FY30, with further targets in the United Kingdom, Malaysia, and Singapore.
While the growth in exports and volume is clear, investors should understand the nature of the B2B jewellery manufacturing business. Unlike jewellery retailers who sell directly to customers, B2B manufacturers often operate on lower profit margins, relying on high sales volumes to generate profit. The business is also capital-intensive, requiring careful management of working capital because the company must hold significant gold inventory and often provides credit to retail clients.
Gold price fluctuations are another factor to watch, as they directly impact inventory value and raw material costs. For investors, the next important updates will be the company’s ability to maintain profit margins while scaling its export business and its efficiency in managing the higher working capital needs that come with such rapid expansion.