Goldiam International Ltd., an integrated manufacturer and supplier of fine diamond jewellery to major US retailers and wholesalers, has announced its results for the second quarter and half year ended 30 September 2025, reporting resilient performance despite significant tariff disruptions in its largest market.

Q2 & H1 FY26 Highlights

From 27 August 2025, the United States sharply increased tariffs on several Indian export categories — including both lab-grown and natural diamond jewellery — raising the total levy from around 16 per cent (5.5 per cent import duty + 10 per cent tariff) to 56 per cent (5.5 per cent import duty + 50 per cent tariff). This created a major operational challenge for Indian exporters.

Goldiam responded quickly by activating a US-origin casting model through its American subsidiary. Under this globally compliant structure, raw gold is cast into unfinished jewellery within the United States — creating US-origin value and employment — before being shipped to India for polishing, diamond setting and finishing. This approach, supported by US Customs rulings, significantly reduces the net tariff impact on finished jewellery.

Despite the disruption, Goldiam reported a 43 per cent year-on-year increase in consolidated revenue for Q2, with H1 revenue rising 41 per cent. EBITDA grew 37 per cent in both Q2 and H1, with H1 EBITDA margin stable at 21.6 per cent. Consolidated PAT rose 42 per cent in Q2 and 47 per cent for H1. Cash and cash equivalents (including investments) stood at Rs 4.64 billion as of 30 September 2025.

Lab-grown diamond jewellery accounted for 89.9 per cent of export sales in Q2FY26, up from 77 per cent in Q2FY25. Online sales contributed 19.9 per cent of Q2 revenue. Around 72 per cent of finished-goods inventory is currently with customers, positioned for upcoming retail sales. Goldiam’s order book stands at approximately Rs 2 billion heading into the key US holiday season.

ORIGEM Update

ORIGEM, Goldiam’s B2C lab-grown diamond jewellery brand, now operates 11 stores across Mumbai (eight), Noida (two) and Bengaluru (one), including locations in prestigious malls such as Phoenix Palladium, R City Mall and Phoenix MarketCity. ORIGEM recorded revenue of Rs 28 million in Q2FY26 with a relatively small store base; about 5 per cent of company-wide finished inventory is allocated to ORIGEM.

The brand is preparing to strengthen its footprint across North and South India, with 15–18 new stores in various stages of fit-out, negotiation and regulatory approval. Goldiam expects to operate 20–25 ORIGEM stores by March 2026.

Management Commentary

Executive Chairman Rashesh Bhansali said Q2 was one of the toughest quarters the company has faced due to the sudden tariff hike in the US. However, the rapid implementation of the US-origin model limited disruption to about 30 days. Bhansali added that strong buyer demand and higher wallet share among key customers enabled Goldiam to deliver more than 40 per cent growth in both revenue and profit. With an order book of Rs 2 billion, he said the company is well positioned for the US festive season.

Managing Director Anmol Bhansali said ORIGEM has established itself as a multi-city lab-grown jewellery brand in high-demand micro-markets. Strong customer response during the October festive period underscores its potential, he added. With 15–18 new store locations identified, he expects the brand to exceed 20–25 operational stores by March 2026, enabling Goldiam to benefit from festive cycles in both India and the US.