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1. At a Glance
Goldiam makes diamond-studded jewellery at SEEPZ in Mumbai and ships most of it to America.
Revenue for the three months to June 2026 came in at ₹326 crore. Profit after tax was ₹74 crore, or ₹4.91 for each share. Other income of ₹37.63 crore sat beside that, and it had an unusual origin. Management says roughly ₹22 crore of it was a refund of tariff duty from the United States government. The rest, management says, was gains on currency and on treasury. Few companies get to book the customs department changing its mind as an income line.
Operating profit was ₹66.27 crore, against total expenses of ₹259.76 crore. Management reported EBITDA of ₹103.9 crore, up 120.5% on the same quarter a year earlier. EBITDA is what a business earns before interest, tax and depreciation are counted. Management put the steady-state EBITDA margin, after calibrating for the tariff refund, at 24%.
The quarter also carried a bonus issue of one new share for every three held. Goldiam allotted 3,76,39,281 new shares in July, using ₹7.52 crore from its securities premium reserve. That is roughly the accounting equivalent of moving furniture between two rooms of one house.
Elsewhere, 26 ORIGEM stores were operating across 13 cities. The order book stood at ₹225 crore as on 30 June. A further export order of ₹50 crore was announced on 18 August.
2. Introduction
Goldiam was incorporated in 1986 and began by exporting cut and polished diamonds. The company says it was the first diamond cutting and jewellery manufacturing firm inside SEEPZ, Mumbai. That distinction takes being both very early and very willing to set up shop in an export processing zone.
The company’s own timeline is a slow, deliberate climb up the value chain. Cut and polished diamonds came first, then finished diamond jewellery. Next came a New York subsidiary, Goldiam USA Inc, selling directly to global retailers. Then natural and lab-grown jewellery, and most recently a domestic retail brand. Four decades, four business models, one family surname on the door throughout.
The pivot that defines the present company is lab-grown diamonds. Lab-grown stones are made in a factory rather than dug out of the ground. They were 21% of business-to-business export revenue in the year to March 2023. The share moved to 49% the following year, and then to 77%. By the year to March 2026 it stood at 89%. Management reported lab-grown at 90.7% of the export sales mix in the three months to June 2026, against 87.8% a year earlier. The natural-diamond business was not so much discontinued as quietly outvoted.
The other structural move is geographic. In September 2025, responding to a steep rise in United States tariffs, Goldiam began casting raw gold into unfinished jewellery inside America through its US subsidiary. Those castings travel to India for polishing and diamond setting. They then ship back classified as US Product of Origin, under rulings issued by US Customs. The company describes itself as tariff agnostic as a result. A ring born American, finished Indian and sold American solves a passport problem by holding two.
Management also notes that the recent rise in the gold customs duty to 15% will have no material impact. That figure is 10% basic customs duty plus a 5% cess, which is a charge levied on top of a tax. Goldiam operates from SEEPZ and continues to avail applicable duty exemptions.
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3. Business Model: WTF Do They Even Do?
Goldiam makes finished diamond-studded jewellery and ships it, overwhelmingly, to America. The range runs to engagement rings, wedding bands, anniversary rings and bridal sets, plus earrings and pendants. Management is emphatic about what the company does not do. There is no plain gold, no loose diamonds and no trading in loose diamonds. It manufactures no loose stones beyond its own grown rough from Eco-Friendly Diamonds LLP. This is a firm that looked at the diamond trade’s most famous product and declined it.
The business is bridal-first by design. Per management, engagement rings and wedding bands are the significant majority of US sales. Management calls that a structural choice, made to lift the average selling price and improve the margin profile. Fashion jewellery, management notes, sits at a far lower price point with a shorter shelf life. When Goldiam does enter fashion, it does so through tennis bracelets and tennis necklaces, the heaviest categories there.
The distribution mechanics are the genuinely odd part. Roughly 85% of US sales go straight to retailers, and the balance goes to wholesalers. All dot-com revenue comes from large retailers, where Goldiam is empanelled as an end-to-end integrated operator for their websites. So Goldiam is sometimes the back end of
