Goldiam International Ltd. is poised to achieve its long-term Ebitda margin guidance despite the uncertainties triggered by the US tariffs, according to Managing Director Anmol Bhansali.
"We do state that our long-term margin, Ebitda margin guidance is 18% to 22%. We will stick to that in terms of profitability," he told NDTV Profit in a conversation on Wednesday.
"We do see, however, Q1 and potentially Q2, a slight softness due to the US tariff issues. That is transitory in nature. We are working with our retailers to pass on this tariff to them," Bhansali said.
The jewellery company is banking on its lab-grown diamond retail brand, Origem, to deliver growth in the future. It accounted for less than 2% of the company’s revenues in FY25. "We are the largest COCO (company-owned, company-operated) retailer for lab-grown diamond jewellery within the Mumbai metro region," he highlighted.
The company aims to open 20 to 25 Origem stores in FY26, with special focus on large metros such as the National Capital Region, Bengaluru and Hyderabad. In the long term, Origem is expected to have a national presence with at least 80 to 100 stores, according to Bhansali.
The top executive said the company's B2C operations under Origem are yielding gross margins of 40% to 45%. He attributed this to supply chain efficiencies as the company manages the process from diamond procurement and growth to manufacturing and retail.
Bhansali refuted reports of lab-grown diamonds not finding acceptance among Indian customers. Compared to the US and global markets, adoption in India is "going to take a little bit longer" and may be |pushed out by a year or so". He emphasised that the exporter of diamond-studded gold and silver jewellery is not witnessing hesitation from customers for lab-grown diamonds.
"I think it will require time. Firstly, for one or more retailers to scale up nationally and then secondly, for the consumers to enlarge marketing, national marketing campaigns to occur such that the consumer can buy here," he said.
To fuel its ambitious retail expansion for Origem, the company has passed an enabling resolution for potential fundraising. "Any requirement for fundraising will only be to boost that number faster and eventually to get to a national presence," he said.
"I think our distribution on the B2B side with US large wholesalers and retailers is paying off. And the lean and bent of management at Goldiam into lab-grown diamonds has benefited us as the end consumer has naturally shifted into this segment," the managing director said.
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