Sovereign Diamonds Limited , a manufacturer of 18K fine jewellery, has announced the appointment of Mr. Sumer Gehani as a Non-Executive Director (Additional Director) for a five-year term, effective August 12, 2025. The decision was made during a board meeting held on the same date.

Family Ties and Background

Mr. Sumer Gehani is the son of Mr. Ajay Gehani, the Chairman and Managing Director of Sovereign Diamonds Limited. As a member of the promoter group, Sumer brings a unique perspective to the company's leadership.

Educational and Professional Background

Sumer Gehani is a graduate of Babson College, where he studied Entrepreneurship and Finance. His educational journey also includes time at Cathedral School and Hillspring International School under the IB program.

Industry Experience

Gehani's professional experience spans both the luxury and technology sectors:

• At Tapestry Inc., the parent company of Coach and Kate Spade, he gained valuable experience in luxury operations and brand management.
• His time at Magna Technology Group exposed him to digital systems and business infrastructure.

Expertise and Contributions

The company believes that Sumer Gehani's background combines hands-on industry exposure with an appreciation for product and brand development. His strong interest in jewellery and design is expected to bring a thoughtful and creative perspective to the company's direction.

Regulatory Compliance

In accordance with SEBI regulations, Sovereign Diamonds Limited has confirmed that Mr. Sumer Gehani is not debarred from holding the office of Director by virtue of any SEBI order or any other such authority.

Financial Performance

During the same board meeting, Sovereign Diamonds Limited also approved the unaudited financial results for the quarter ended June 30, 2025. The company reported:

The company experienced a significant increase in net sales compared to the previous quarter but also saw a substantial rise in expenses, resulting in a net loss for the quarter.

The appointment of Sumer Gehani comes at a crucial time for Sovereign Diamonds Limited, as the company navigates challenges in the fine jewellery market. His blend of education in entrepreneurship and finance, coupled with experience in luxury brands and technology, may prove valuable in steering the company towards future growth and innovation in the competitive 18K fine jewellery sector.

Sovereign Diamonds Limited , a manufacturer of 18K fine jewellery, has reported a substantial net loss for the first quarter, ending June 30. The company's financial performance shows a marked decline compared to the same period last year, primarily due to increased expenses.

Financial Highlights

• Net Loss: The company reported a net loss of ₹485.28 crore, a significant increase from the net loss of ₹6.45 crore in the same quarter of the previous year.
• Total Income: Despite challenges, total income rose to ₹817.81 crore from ₹568.20 crore year-over-year.
• Net Sales: Net sales increased to ₹780.44 crore from ₹533.98 crore in the corresponding quarter of the previous year.
• Expenses: Total expenses surged to ₹1,303.34 crore from ₹570.96 crore, with the cost of materials consumed jumping to ₹1,119.66 crore from ₹398.13 crore.
• Earnings Per Share: Basic and diluted earnings per share stood at ₹(8.38) compared to ₹(0.11) in the previous year's quarter.

Operational Overview

Sovereign Diamonds Limited continues to operate in a single segment, focusing on gold and diamond studded jewellery. The company's board meeting was held on August 12, where the results were reviewed by the audit committee and approved by the Board of Directors.

Management Changes

In a separate announcement, the company disclosed the appointment of Mr. Sumer Gehani as a Non-Executive Director (Additional Director) for a term of 5 years, effective August 12. Mr. Gehani, son of Mr. Ajay Gehani (Chairman and Managing Director), brings experience from both the luxury and technology sectors, having worked at Tapestry Inc. and Magna Technology Group.

Auditor's Review

J. D. Zatakia & Co., Chartered Accountants, conducted an independent review of the unaudited standalone financial results. The auditors stated that nothing has come to their attention that causes them to believe that the financial results do not present a true and fair view in accordance with applicable accounting standards and other recognized accounting practices.

Financial Performance Summary

Conclusion

While Sovereign Diamonds has seen an increase in total income and net sales, the significant rise in expenses, particularly in the cost of materials, has led to a substantial net loss. The company faces challenges in managing costs while maintaining growth in a competitive jewellery market.