AJC Jewel subsidiary opens third showroom in Kerala

Esthara Jewels Private Limited, a subsidiary of AJC Jewel Manufacturers , has expanded its retail footprint by inaugurating its third showroom at Market City Mall in Perinthalmanna, Malappuram District, Kerala. The new facility, which commenced operations on July 12, 2026, specializes in the retail sale of silver jewellery. This strategic move is designed to strengthen the company's market presence and support its overall business expansion objectives within the region.

The outlet at Market City Mall is expected to provide high visibility and accessibility to customers in the area. The management believes that this expansion will contribute positively to the revenue streams of AJC Jewel Manufacturers by enhancing the distribution channels for its products.

Industry Context

India's organised jewellery retail sector continues to expand, driven by rising disposable incomes and increasing preference for branded jewellery. According to IMARC Group, the Indian gems and jewellery market was valued at USD 105.8 billion in 2025 and is projected to reach USD 231.9 billion by 2034, growing at a CAGR of 8.83%. CareEdge Research estimates that silver constitutes around 5% of the market by material type.

Management Commentary

Mr. Ashraf P, Chairman & Managing Director of AJC Jewel Manufacturers Ltd., stated that the opening represents a step in strengthening retail presence through locations with strong consumer potential. He highlighted that the organised silver jewellery segment benefits from increasing consumer preference for branded products and contemporary designs, providing a favourable environment for network expansion.

Operational Details

Detail	Information
Subsidiary Name	Esthara Jewels Private Limited
Location	Market City Mall, Perinthalmanna, Malappuram Dist, Kerala
Inauguration Date	July 12, 2026
Product Focus	Retail sale of silver jewellery

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+5.00%	+23.05%	+15.43%	+27.25%	+19.76%	+17.39%

AJC Jewel Manufacturers announced the commencement of operations at its second retail showroom, owned by its wholly owned subsidiary Esthara Jewels Private Limited. The facility, located at Hilite Countryside Mall in Chemmad, Kerala, was inaugurated on June 19, 2026. This expansion strengthens the company's direct-to-consumer (D2C) presence and aligns with its strategy to build a differentiated retail platform focused on contemporary silver jewellery.

The new showroom will retail an extensive range of 925 sterling silver and gold-plated silver jewellery, catering to consumer preferences for affordable daily wear. This move complements AJC Jewel Manufacturers' established B2B gold jewellery manufacturing business. The company aims to create an integrated omnichannel platform through a combination of company-owned retail outlets and digital commerce under the Esthara Jewels brand.

Strategic Context

The expansion leverages favourable structural trends in India's gems and jewellery industry, including increasing consumer preference for branded products and expanding organised retail. According to the Gem & Jewellery Export Promotion Council (GJEPC), India's gems and jewellery exports stood at USD 27.72 billion in FY2025-26. Notably, silver jewellery exports grew by 52.21% year-on-year to USD 1.47 billion, reflecting robust global demand for value-added silver jewellery.

Management Commentary

Mr. Ashraf P, Chairman & Managing Director of AJC Jewel Manufacturers Ltd., stated that the commencement of operations marks an important step in strengthening retail presence and expanding direct engagement with customers. He highlighted the objective of building Esthara Jewels as a trusted destination for quality silver jewellery through contemporary designs and superior craftsmanship. The continued expansion of the retail network is expected to support the company's long-term growth strategy and contribute towards achieving its guidance of targeting a consolidated revenue CAGR of approximately 50% over the next three years, with standalone revenue of around ₹450 crore in FY27.

Operational Details

Detail	Description
Subsidiary Name	Esthara Jewels Private Limited
Location	Hilite Countryside Mall, Chemmad, Kerala
Inauguration Date	June 19, 2026
Product Focus	Retail sale of silver jewellery