Sky Gold and Diamonds Limited has announced the appointment of M/s. M S K A & Associates LLP (Firm Registration No: 105047W/W101187), Chartered Accountants and a member firm of BDO International, as its new statutory auditor. This decision was made during a Board meeting held on May 9, 2026, commencing at 01:15 PM IST and concluding at 04:30 PM IST, following the recommendation of the Audit Committee, to fill the casual vacancy arising from the resignation of the previous auditor, M/s V J Shah & Co. The appointment is effective from May 9, 2026, and will remain in force until the conclusion of the ensuing Annual General Meeting for the financial year ending 2025–26, subject to member approval.

Scope of Appointment

The new appointment covers the listed entity as well as its subsidiaries to ensure consistency across the group. The Board of Directors for the subsidiary companies also approved the appointment of M/s. M S K A & Associates LLP to fill the casual vacancies created by the stepping down of M/s V J Shah & Co. The following table summarises the scope of the appointment across all group entities:

Profile of the New Auditor

M/s. M S K A & Associates LLP (formerly known as M S K A & Associates) is an Indian limited liability partnership firm established in 1978. The firm is registered with the Institute of Chartered Accountants of India (ICAI) and the PCAOB (US Public Company Accountancy Oversight Board), and is a member firm of BDO International. It operates across 12 cities in India, including Mumbai, Gurugram, Chandigarh, Kolkata, Ahmedabad, Chennai, Goa, Pune, Bengaluru, Kochi, Hyderabad, and Coimbatore, and holds a valid peer review certificate. The firm primarily provides audit and assurance services, tax, and advisory services, with significant experience across various industries, markets, and geographies.

Context of Resignation

The appointment follows the resignation of M/s V J Shah & Co., effective May 8, 2026. The outgoing auditor cited a material and significant increase in the scope of the statutory audit as the reason for their departure. This included the acquisition of two additional subsidiaries by Sky Gold and Diamonds Limited, which enlarged the consolidated group structure. The outgoing auditor confirmed there were no disagreements with management or concerns regarding the integrity of financial records.

Management Commentary

Commenting on the development, Mangesh Chauhan, Managing Director of Sky Gold and Diamonds, said: "As Sky Gold enters its next phase of growth, strengthening governance standards and building a robust institutional framework remain key priorities for the Company. The appointment of M S K A & Associates LLP, Chartered Accountants, a member firm of BDO International, reflects our commitment towards adopting global best practices in financial reporting, compliance, and governance. We believe this step will further enhance stakeholder confidence and support the Company's long-term growth vision, as we continually aspire to build an organization that serves as the benchmark for excellence in corporate governance."

About Sky Gold and Diamonds Limited

Established in 2008 and headquartered in Mumbai, Sky Gold and Diamonds Limited is one of India's fastest-growing B2B jewellery manufacturers, specialising in lightweight, design-led and studded jewellery. With 150+ designers, 1,30,000 sq. ft. of manufacturing space, and a design library of 900,000+ SKUs, the company serves India's leading jewellery retailers and is expanding into global markets.

Regulatory Compliance

The disclosures regarding the new appointment were made to BSE Limited and the National Stock Exchange of India Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting was held at the Registered Office of the Company, and the outcome has been made available on the company's website at www.skygold.co.in .

Sky Gold and Diamonds Limited has announced the grant of 38,839 stock options to eligible employees under its Employee Stock Option Plan 2024 (SKY Gold – ESOP 2024). The Nomination and Remuneration Committee (NRC) of the company approved this grant at its meeting held on May 5, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The NRC meeting commenced at 05:45 PM IST and concluded at 06:00 PM IST.

Key Details of the ESOP Grant

The grant has been made in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The following table summarises the key parameters of the stock option grant as disclosed by the company:

Scheme Terms and Conditions

Under the terms of the SKY Gold – ESOP 2024 scheme, each option, when exercised, will be converted into one equity share of face value Rs. 10/- each. The options granted shall vest after a minimum period of one year from the date of grant, subject to the terms of the plan. Vesting will occur within the vesting period in the manner set forth under the scheme.

Key highlights of the scheme terms include:

• Each stock option is convertible into one equity share of face value Rs. 10/- each upon exercise.
• No lock-in period is applicable on shares arising from the exercise of options.
• The scheme is administered by the Nomination and Remuneration Committee of the company.
• Options exercised, money realised, shares arising from exercise, options lapsed, and diluted earnings per share are not applicable at this stage.

Regulatory Disclosure

The disclosure has been made under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in accordance with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The intimation was submitted to BSE Limited and the National Stock Exchange of India Limited. The outcome of the NRC meeting has also been made available on the company's website at www.skygold.co.in . The disclosure was signed by Mangesh Chauhan, Managing Director of Sky Gold and Diamonds Limited, from Navi Mumbai.