Sky Gold: More than just embellishment, jewelry whispers a nation’s story. Each piece, from delicate chains to bold statement earrings, embodies a legacy. It’s a language that transcends words, expressing cultural heritage through intricate designs and symbolism. 

Sky Gold being a company in the jewelry industry has carved a niche for itself in the ever evolving world of jewelry. With a commitment to exquisite design and a dedication to quality craftsmanship, the company has built a loyal customer base and experienced impressive growth. 

 Yet, the jewelry industry is a dynamic landscape, shaped by evolving consumer preferences, technological advancements and global market trends. As Sky Gold basks in the glow of its current success, a crucial question arises: can it maintain its momentum and continue to shine brightly in the upcoming years? Come let’s know about them.  

Industry Overview Of Sky Gold

The global jewelry market is a sizable and attractive industry, valued at USD 340.69 billion in 2022, with an expected compound annual growth rate (CAGR) of 4.6% from 2023 to 2030. The growth is driven by increasing disposable incomes, innovative jewelry designs, changing lifestyles, and the perception of jewelry as a status symbol.

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In India, the jewelry market is propelled by several favorable factors, including shifting customer behaviors, superior organizational capabilities, and supportive regulatory and legislative changes. The Indian jewelry retail sector is currently valued at approximately $76.3 billion in FY23 and is expected to grow at a CAGR of 5.54% by 2027.

Gold jewelry holds a significant market share, driven by its cultural and sentimental value, particularly in weddings, where it represents prosperity and blessings. Diamonds are also gaining popularity due to increased consumer spending capacity and their perceived reflection of financial status.

The online channel is expected to witness significant growth, as major players focus on using their websites to announce product launches, sales, and other relevant information. However, rising e-commerce frauds and a lack of knowledge about jewelry hallmarks may hinder market growth.

The market is segmented based on product type (gold, diamond, and others) and distribution channel (specialist retailers and online). The demand for jewelry is influenced by factors such as innovative designs, bridal jewelry, and rising awareness about the authenticity of metals and gems.

Company Overview Of Sky Gold

Sky Gold is engaged in the business of manufacturing, designing and marketing its gold jewelry. As a company they follow the B2B model were they sell their products to boutique stores and mid range sellers who again sell these products in their retail outlets or through online platform. 

The company started its journey in 2000 as a partnership venture named “M/s  Sky Gold” with Mr. Darshan Chauhan and Mr. Mahendra Chauhan. Then in 2008, the partners dissolved the firm and formed Sky Gold Pvt Ltd to produce and promote their jewelry collection in-house. Mangesh Ramesh Chauhan acts as a Managing Director and CFO of the firm. Sky Gold is headquartered in Mumbai.   

As a company they work across 14 different product categories with 2000 – 2500 designs which are being floated every month. Sky Gold has a manufacturing facility of 81,000 sq ft and it is one of the only manufacturers which uses state of the art equipment from Germany, Turkey and Italy. Their clients include Malabar gold and diamonds, Joyallukkas, GRT Jewellers, Kalyan Jewellers.

The shares of Sky Gold are currently    trading in the range of 1200 – 1300 and it gave a great return of 237% increase compared to the previous year. In the Q3 FY24 quarter, they added 10-12 new big corporate clients, both in the domestic and export markets.

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Financials Of Sky Gold

FY 2023FY 2022FY 2021FY 2020
Revenue (in crores)1,153.80785.7795.54721.89
Net profit (in crores)18.6116.954.815.82

In the Financial year 2023, On the consolidated basis Sky Gold limited saw a substantial increase in revenue by 46.85% to reach 1,153.8 crores as compared to 785.7 crores in FY 22. Analyzing FY 2023, the company displayed a good Compound Annual Growth Rate (CAGR) of 46.85% in revenue. 

The company in FY 23 also increased its net profit margin by 9.79% to 18.61 crores as opposed to 16.95 crores in FY 22. In FY 23, Sky Gold maintained favorable financial metrics with a Return on Equity (ROE) of 21.28% and a Return on Capital Employed (ROCE) of 17.44%.

The increase in revenue took place because of an increase in sales which happened both in Indian and International markets with adding new clients. They have also benefited from a shift towards organized players. 

Future Plans Of Sky Gold

Sky Gold has ambitious growth plans for the next few years. Their primary focus is on achieving a revenue target of INR 5,000 crores within the next three years, which translates to a significant compound annual growth rate of over 40%. To fuel this aggressive growth, the company is actively pursuing multiple strategic initiatives.

On the domestic front, Sky Gold aims to capitalize on the ongoing shift from unorganized to organized players in the jewellery market. They plan to acquire new corporate clients, particularly targeting to expand their presence among mid-sized and emerging corporates operating between 10-50 stores. Simultaneously, they will work on increasing their wallet share with existing clients by offering a broader range of designs and leveraging their extensive design library.

Internationally, the company sees a substantial opportunity in the growing demand for Indian lightweight jewellery. They have set a target of increasing the contribution from exports to 30% of their overall revenue within three years, up from the current 3%. Key markets on their radar include Dubai, GCC (Gulf Cooperation Council) countries, Singapore, and Malaysia.

To support their growth ambitions, Sky Gold is proactively working on improving operational efficiencies. A significant move in this direction is their plan to transition towards utilizing 70-80% gold metal loans starting from Q1 FY25. This strategic shift is expected to substantially reduce their interest costs, thereby improving profitability and margins.

The company also aims to enhance productivity by achieving three times the sales from their existing workforce. Initiatives like implementing an ERP system, better inventory management, and reducing the working capital cycle are expected to play a crucial role in realizing these productivity gains.


Sky Gold’s ascent in the jewelry world has been impressive. Their dedication to craftsmanship has garnered a loyal following. However, the industry is a kaleidoscope of shifting trends. 

Will Sky Gold’s design philosophy resonate with future tastes? Can they seamlessly integrate technology to enhance the customer journey? Their ability to adapt and embrace the evolving landscape will be the key to unlocking a future as bright as their dazzling creations. 

What will you say about their future? Will it continue to grow or will there be any downfall. Do share your thoughts in the comments below  

Written by Pavunkumar V M

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