Bluestone Jewellery & Lifestyle Ltd Auditor Reports

a) the Sub-section (1) of Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act”);

b) the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI ICDR Regulations”); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (“ICAI”), as amended from time to time (the “Guidance Note”).

a) the terms of reference and our engagement agreed with you vide our engagement letter dated July 24, 2024 in connection with the Offer;

b) the Guidance Note which also requires that we comply with the ethical requirements as stated in the Code of Ethics issued by the ICAI;

c) the concepts of test check and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and

d) the requirements of Section 26 of the Act and the SEBI ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to compliance with the Act, the SEBI ICDR Regulations and the Guidance Note in connection with the Offer.

a) the audited Special Purpose Interim Financial Statements of the Company as at and for the three months period ended June 30, 2024 prepared in accordance with the basis of preparation as described in note 2.1 to the Special Purpose Interim Financial Statements (the “June 2024 Special Purpose Interim Financial Statements”), which have been approved by the Board of Directors at their meeting held on December 10, 2024.

b) the audited Financial Statements of the Company as at and for the year ended March 31, 2024 prepared in accordance with the Indian Accounting Standards, as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended (“Ind AS”), and other accounting principles generally accepted in India, (the “March 2024 Financial Statements”) which have been approved by the Board of Directors at their meetings held on May 17, 2024.

c) the audited Financial Statements of the Company as at and for the year ended March 31, 2023 prepared in accordance with Ind AS and other accounting principles generally accepted in India, (the “March 2023 Financial Statements”) which have been approved by the Board of Directors at their meetings held on September 30, 2023.

d) the audited Financial Statements of the Company as of and for the year ended March 31, 2022 prepared in accordance with Ind AS and other accounting principles generally accepted in India, (the “March 2022 Financial Statements”) which have been approved by the Board of Directors at their meetings held on September 30, 2022.

a) Auditors reports issued by us dated December 10, 2024 on the Special Purpose Interim Financial Statements of the Company as at and for the three months period ended June 30, 2024, as referred in Paragraph 4(a) above.

Our audit report referred to in above included Emphasis of Matter which is reproduced below:

Emphasis of Matter:

We draw attention to Note 2.1 to the Special Purpose Interim Financial Statements which describes the purpose and basis of preparation of the Special Purpose Interim Financial Statements. These Special Purpose Interim Financial Statements have been prepared by the management of the Company solely for the purpose of preparation of the Restated Financial Information to be included in the Draft Red Herring Prospectus (“DRHP”) of the Company to be filed in connection with its proposed initial public offering of equity shares as required by Section 26 of Part I of Chapter III of the Act and as required under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended from time to time and to comply with the SEBI Communication and the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the ICAI. Accordingly, these Special Purpose Interim Financial Statements may not be suitable for any another purpose.

Our report is addressed to the Board of Directors of the Company solely for the purpose as mentioned above. This should not be distributed to or used by any other parties. M S K A & Associates shall not be liable to the Company or to any other concerned for any claims, liabilities or expenses relating to this assignment. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing. Our opinion is not modified in respect of the above matter.

b) Auditors reports issued by us dated May 17, 2024 on the Financial Statements of the Company as at and for the year ended March 31, 2024 as referred in Paragraph 4(b) above.

Our audit report referred to in above included Other Matter paragraph which is reproduced below:

Other Matter

The financial statements of the Company for the year ended March 31, 2023, were audited by another auditor whose report dated September 30, 2023 expressed an unmodified opinion on those statements.

Our opinion is not modified in respect of this matter.

c) Auditors report issued by Deloitte Haskins & Sells (the “Previous Auditor”) dated September 30, 2023 on the Financial Statements of the Company as at and for the year ended March 31, 2023, as referred to in Paragraph 4(c) above.

d) Auditors report issued by the Previous Auditor dated September 30, 2022 on the Financial Statements of the Company as at and for the year ended March 31, 2022, as referred to in Paragraph 4(d) above.

Accounting Policies and other explanatory information for the years ended March 31, 2023 and March 31, 2022 (collectively, the “March 2023 and 2022 Restated Financial Information”).

The Examination Report included for the said years is based solely on the examination report submitted by the Previous Auditor. They have also confirmed that the March 2023 and 2022 Restated Financial Information:

i) have been prepared after incorporating adjustments for the changes in accounting policies, any material errors and regroupings/ reclassifications retrospectively in the financial years as at and for the years ended March 31, 2023 and March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping/ classifications followed in the financial statements as at and for the three months period ended June 30, 2024 as more fully described in Note 2.1 of Annexure V to the Restated Financial Information.

ii) There are no qualifications in the auditors reports on the audited financial statements of the Company as at and for the years ended March 31, 2023 and March 31, 2022 which require any adjustments to the March 2023 and 2022 Restated Financial Information; and

iii) March 2023 and 2022 Restated Financial Information have been prepared in accordance with the Act, the SEBI ICDR Regulations and the Guidance Note.

i) have been prepared after incorporating adjustments for the changes in accounting policies, any material errors and regroupings/ reclassifications retrospectively in the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022, to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the three months period ended June 30, 2024, as more fully described in Note 2.1 of Annexure V to the Restated Financial Information;

ii) there are no qualifications in the auditors reports on the Financial Statements of the Company as at and for the years ended March 31, 2024, March 31, 2023, and March 31, 2022, and Special Purpose Interim Financial Statements of the Company as at and for the three months period ended June 30, 2024 which require any adjustments to the Restated Financial Information. There is an Emphasis of Matter (refer paragraph 5(a)), which do not require any adjustment to the Restated Financial Information; and

iii) Restated Financial Information have been prepared in accordance with the Act, the SEBI

ICDR Regulations and the Guidance Note.

10. We have no responsibility to update our report for events and circumstances occurring after the date of this report.