RBZ Jewellers Ltd Management Discussions

ECONOMIC OVERVIEW

INDIAN ECONOMIC OVERVIEW

GDP Growth

Indias real GDP for FY25 is documented at 6.5%, slightly exceeding earlier median projections of 6.3%, driven by a strong expansion in the March quarter (Q4) and upward revisions to prior quarters. The Ministry of Statistics first advanced estimates pegged real GDP at 6.4% and nominal GDP at 9.7% for FY25. Sectorally, agriculture and construction posted notable recovery in late FY25, boosting rural demand. Manufacturing activity picked up in the second half, and consumer and professional services delivered moderate growth, though services remain less dominant in the slowdown context.

Inflation Trends

Retail inflation in India, as measured by the Consumer Price Index (CPI), eased significantly to 4.6% in FY25, the lowest level since FY19. This notable moderation underscores the efficacy of the Reserve Bank of Indias pro-growth monetary policy, which has effectively navigated the delicate balance between sustaining economic momentum and maintaining price stability. Proactive supply-side interventions by the Government, retail inflation in FY 2024-25 remained well within the RBIs target range of 4?2%, reinforcing price stability amid evolving economic conditions. Headline CPI fell to 3.34% in March 2025, the lowest monthly reading since August 2019.

According to RBI projections, inflation would remain in the 4.4-4.7% range in Q2-Q4 FY25 and ease to 4.4% in Q1 FY26, trending towards 4.0% in Q2.

Interest Rates and Liquidity

The RBI initiated a rate cut cycle in early 2025, reducing the repo rate twice by a total of 50 bps to 6.00%, while shifting its policy stance from "neutral” to "accommodative” to support growth amidst global trade tensions. Rate cut transmission to retail borrowers is improving, boosting affordability of gold loans and personal credit that are important channels for financing jewellery purchases.

Consumption Trends

In FY25, growth in Private Final Consumption Expenditure (PFCE)?a key indicator of consumption demand?outpaced overall GDP growth, despite a moderation in Q4, when consumption hit a five-quarter low. As per the latest data from the National Statistical Office (NSO), PFCE rose by 7.2% in FY25, up from 5.6% in FY24. Its share in nominal GDP also increased, reaching 61.4% compared to 60.2% in the previous year. While urban demand softened, rural consumption rebounded strongly in late FY25, underpinned by agricultural gains and festival season spending on discretionary items, including jewellery.

Exchange Rate Trends

During FY25, the Indian rupee witnessed considerable volatility, trading within a range of C84 to C88 per USD and averaging around C86. The depreciation was driven by global trade uncertainties, persistent foreign capital outflows, and intermittent RBI interventions to stabilise the currency. This weakening of the rupee directly impacted gold import costs, as gold is dollar-denominated, thereby increasing the landed cost of gold in India. Higher input costs exerted pressure on jewellery manufacturers and retailers, potentially compressing margins. While the weaker rupee enhanced the export competitiveness of Indian jewellery, elevated domestic gold prices may have dampened consumer demand in price-sensitive segments.

Gold Market Indicators

In FY25, Indias gold import bill surged to approximately USD 58.01 billion, up 27.4% year-on-year, despite record- high prices?a clear signal of resilient consumer demand driven by a combination of festive purchases and a reduction in import duties from 15% to 6%. While import volumes slipped modestly by 4.8% to 757.15 tonnes from 795.32 tonnes, the compression in volumes was offset by sharp price escalation, reflecting sustained market appetite. Further underlining data reliability, revised figures for April-November FY25 lowered import values to USD 37.38 billion, correcting earlier overestimation and reinforcing volatility around trade data compilation for gold and gems & jewellery. Official channels gained prominence after the duty cut, with a noted 8% increase in official bullion imports in FY25 compared to FY24, indicating a shift away from informal sourcing routes.

Organised Retail Sector Growth

Organised jewellery retail continues to grow, with branded penetration rising in Tier I and II cities, broader retail credit expansion, hallmarking drives, and digital innovations are accelerating branded adoption.

E-commerce and Digital Adoption

E commerce jewellery platforms have gained traction, particularly with increased digital authentication and hallmarking compliance. Innovative retail media on platforms is boosting consumer engagement, especially during the festival season, though overall online jewellery penetration remains nascent.

Outlook

Indias stable macroeconomic fundamentals, including robust GDP growth, moderated inflation, and easing interest rates, set a favourable tone for FY26. With rural demand rebounding, infrastructure investments rising, and credit access improving, discretionary spending on lifestyle products like jewellery is expected to pick up. The organised jewellery sector will benefit from increasing hallmarking adoption, digital retail expansion, and stronger consumer preference for transparency and trust. Despite potential headwinds from gold price volatility and currency fluctuations, players with agile operations and brand strength are well positioned to capitalise on the evolving consumption landscape.

INDUSTRY OVERVIEW

INDIAN JEWELLERY INDUSTRY

Organised Jewellery Retail: The Indian jewellery sector is witnessing a structural shift towards formalisation, driven by rising consumer aspirations, greater awareness of quality and authenticity, and policy interventions such as mandatory hallmarking. Organised players like Titan Company, Malabar Gold & Diamonds, and Kalyan Jewellers have capitalised on this shift by offering trust-backed branding, standardised purity, and omnichannel access. Titan Company reported a 13% year-on-year rise in net profit for Q4 FY25, reaching C871 crore, propelled by robust growth in its jewellery and watches segments, fuelled by strong festive season sales, demand for gold coins, and a significant boost from the reduction in customs duty on gold imports from 15% to 6%. According to Motilal Oswal, the organised jewellery segment recorded a revenue CAGR of 18-19% between FY19 and FY24, increasing its market share from 22% to 36-38% of Indias total jewellery market. Looking ahead, Ind-Ra projects the organised segment could achieve 50% market share by FY29, supported by ongoing formalisation and growing consumer preference for branded jewellery. According to the report by Deloitte, the organised segment is expected to grow faster, increasing its market share from about 36-38 percent in FY24 to 42-43 percent by FY28.

Unorganised Sector Dynamics: Indias jewellery industry is undergoing a transformative phase, driven by both regulatory forces and shifting consumer behaviour. According to World Gold Council data, regional and independent retailers still command a considerable share, but organised chains have steadily increased their presence over the past decade and now account for approximately 35% of retail gold jewellery sales. Estimates by Deloitte suggest that as of FY24, the overall jewellery market in India was sized at USD 80-85 billion, with projections to reach between USD 140-155 billion by 2030. In this evolving landscape, chain store retailers?characterised by working capital access, scale, and standardised service quality?are rapidly gaining ground, especially among younger and urban consumers seeking transparency and branded experiences. This shift is reshaping how the Indian jewellery market educates consumers, structures retail, and plans for future growth.

Indian Gold Jewellery Market: Gold jewellery is quintessential to Indias jewellery landscape, driven by deep- rooted cultural, religious, and economic associations. India is the second-largest consumer of gold globally and among the top exporters of gold jewellery, contributing significantly to the countrys overall gems and jewellery exports, which made up about 9-10% of total merchandise exports in FY24. Gold jewellery (both plain and studded) plays a major role, with rising demand for smaller denominations like coins and chains amid high gold prices, even as festive and wedding demand continues to drive seasonal consumption.

The segment is further supported by policy frameworks such as the Advance Authorisation Scheme and mandatory hallmarking, which are enhancing trust, formalisation, and export competitiveness. Growing retail branding, urbanisation, and a shift toward certified products are also fuelling long-term growth in domestic and export markets.

Indian Jewellery Manufacturing Industry

India continues to retain its global leadership as the worlds largest diamond cutting and polishing hub, accounting for over 90% of global diamond volumes by carat.

The country has emerged as one of the worlds largest jewellery manufacturing and exporting nations, recognised for its unmatched craftsmanship, skilled workforce, and robust manufacturing base. The ecosystem spans across small-scale karigar units and family-run workshops to large export-oriented factories and organised branded players.

As of FY24, the Indian gems and jewellery sector was valued at USD 80 billion, employing over 5 million people across manufacturing, design, and retail. Driven by rising global demand and strong domestic consumption, the sector is projected to reach USD 145 billion by FY28, growing at a CAGR of 16%. Recognising its potential for value addition and export growth, the Government of India has identified gems and jewellery as a key focus area for export promotion.

The manufacturing sector plays a pivotal role in Indias export economy, with gems and jewellery contributing significantly. According to the Gem and Jewellery Export Promotion Council (GJEPC), Indias gems and jewellery exports stood at USD 32.02 billion in FY24, with gold jewellery emerging as a major contributor. In FY25, Indias gems and jewellery exports were valued at C2,43,162 crore (USD 28.50 billion). For March 2025 alone, exports stood at C2,20,379 crore (USD 25.82 billion), underscoring the sectors strong contribution to Indias foreign trade.

The industrys evolution is marked by increasing formalisation, driven by mandatory BIS hallmarking, GST compliance, and the adoption of computer-aided design (CAD) and 3D printing tools across the value chain. The governments efforts, such as the Advance Authorisation Scheme, 100% FDI allowance under the automatic route, and free trade pacts like the India-UAE Comprehensive Economic Partnership Agreement (CEPA), have further bolstered manufacturing competitiveness and export volumes.

Key Trends

• Mandatory Hallmarking

Adoption: The governments phased rollout of mandatory BIS hallmarking for gold jewellery has improved quality control, formalised manufacturing, and boosted consumer confidence.

• Technology Integration:

Manufacturers are rapidly adopting CAD/CAM design systems, 3D printing, and digital rendering to improve design precision, reduce lead time, and customise jewellery based on market trends.

• Demand for Lightweight and Contemporary Jewellery:

Theres a notable shift toward machine-made, lightweight, and daily wear jewellery, especially among urban millennial and working professionals, reshaping manufacturing styles.

• Focus on Sustainable and Responsible Sourcing: Growing demand from global buyers has led Indian manufacturers to adopt ethical sourcing practices and obtain certifications from bodies like the Responsible Jewellery Council (RJC).

• Rise in Contract and Export Manufacturing: Export-focused jewellery parks and SEZs are enabling large-scale, contract- based manufacturing for global brands and retailers, boosting Indias share in the global jewellery supply chain.

Growth Drivers

• Strong Domestic Demand: India remains one of the worlds largest consumers of gold, with cultural, religious, and social occasions like weddings continuing to fuel demand for handcrafted and machine-made jewellery.

• Export Competitiveness: Indias cost advantage, availability of skilled labour, and strategic trade pacts such as CEPA with the UAE offer tariff-free access and have significantly increased export orders.

• Policy Support: Government initiatives like the Gold Monetisation Scheme, Make in India, PLI schemes, and industrial park development (e.g., at Surat and Mumbai) are improving infrastructure and incentivising manufacturing growth.

• Organised Sector Expansion:

The rise of large, branded jewellery houses and retail chains is boosting in-house manufacturing capabilities, standardising production, and expanding product portfolios.

• Digital and E-commerce

Adoption: Growing online

jewellery retail and digital design consultations are pushing manufacturers to adopt technology-first manufacturing strategies with just-in-time production capabilities.

Growth Drivers

• Demographic Advantage: Indias large, youthful population with increasing disposable incomes continues to drive consumption across urban and rural areas.

• Digital Adoption: The proliferation of affordable smartphones and low-cost internet has enabled faster e-commerce adoption and improved digital payments infrastructure.

• Government Support:

Policy initiatives such as 100% FDI in single-brand retail, GST implementation, and infrastructure support through schemes like Digital India and Startup India are strengthening the retail ecosystem.

• Growing Middle Class: The expanding middle-income group with evolving lifestyle aspirations is fuelling demand for branded, aspirational, and experience-led consumption.

• Supply Chain Modernisation:

Improvements in warehousing, cold chain logistics, and last-mile connectivity have enhanced product availability and delivery timelines, especially in semi-urban regions.

• Increased Financial Inclusion:

UPI adoption, digital wallets, and fintech penetration have empowered a larger base of consumers to transact online and access a wider variety of goods and services.

STRENGTHS

Integrated Manufacturing Capabilities: RBZ Jewellers operates one of the largest organised gold jewellery manufacturing units in India with a focus on combination of hand-made and machine-made jewellery, giving it aesthetic look, cost and scale advantages.

Strong Retail & Institutional Presence: The Company caters to both B2B institutional clients ( regional as well as national retailers) and its in-house B2C brand, Harit Zaveri, enhancing revenue diversification and market reach.

Design Innovation & Quality Standards: A strong in-house design team and quality control processes ensure consistency, uniqueness, and appeal in its offerings, especially in the lightweight and antique jewellery segment.

Experienced Promoters & Established Brand Legacy: Over 15 years of operational experience and a legacy rooted in the Promoters family contribute to maintain customer trust and stakeholder confidence.

Agile and Investor-Focused Approach:

As a newly listed company (IPO in FY24), RBZ Jewellers brings fresh momentum to the capital markets with a strong drive to establish credibility, transparency, and value creation. The recent listing has enhanced its visibility, sharpened its operational focus, and positioned it to respond swiftly to market expectations and

WEAKNESSES

Concentration Risk: A significant portion of revenue is derived from a few institutional clients, exposing the business to client concentration risks.

Limited Geographic Reach in Retail: The "Harit Zaveri” brand currently has a stronghold primarily in Ahmedabad (Gujarat), and its limited pan- India retail footprint could limit its brand scalability.

OPPORTUNITIES

Growing Demand for Organised Jewellery: With increasing consumer preference for hallmark-certified, branded jewellery, there is strong potential to expand in Tier I and Tier II cities.

Export Expansion: Rising global interest in Indian antique handmade as well as machine-made and lightweight jewellery opens up avenues for export-driven growth.

Digital & Omni-Channel Retailing: By leveraging e-commerce and digital platforms, RBZ can enhance customer acquisition and sales, especially in regions where physical presence is currently limited.

Customisation and Youth-Focused Offerings: Millennial and Gen Z buyers seek more personalised and lightweight pieces, a segment where RBZs machine-made precision can offer a competitive edge.

Expansion in Retail Segment: Retail expansion gives the edge to the company in terms of the exponential growth. RBZs vision to expand its retail foot-prints at Local as well as Zonal level will definitely fuel the pace of its growth.

THREATS

Volatility in Gold Prices: Fluctuations in raw material prices, especially gold, can impact profitability and consumer sentiment.

Regulatory Uncertainty: Changes in hallmarking regulations, import duties, or taxation (such as GST) could affect margins or operations.

Competitive Pressure: Intense competition from both organised and unorganised players in the jewellery industry may impact pricing and market share.

Macroeconomic Slowdowns: Any downturn in consumer spending due to inflation, interest rate hikes, or global uncertainties could directly impact discretionary purchases like jewellery.

OPERATIONAL PERFORMANCE

Particulars	FY 2024-25	FY 2023-24	Change	% Change
Revenue from operations	530.15	327.43	202.72	61.91%
Total Income	530.75	327.82	202.94	61.91%
EBIDTA	64.89	38.87	26.03	66.96%
EBIDTA Margin	12.24%	11.79%	0	3.83%
PBT	52.51	29.62	22.88	77.25%
PAT	38.8	21.57	17.23	79.88%
EPS	9.7	6.61	3.09	46.71%

FINANCIAL RATIO

In FY25, RBZ Jewellers observed significant changes in key financial ratios, reflecting its strong operational and financial performance

Type of Ratio	Numerator	Denominator	2024-25	2023-24	Variance (in %)	Remarks for variance more than 25%
Current Ratio (In times)	Current Assets	Current Liabilities	3.15	4.61	-31.55%	Decrease in Current Ratio is due to reduction in proportionate increase in Current Assets & Current Liabilities as compared to previous year
Debt-Equity Ratio (In times)	Total Debt	Total Equity	0.35	0.33	6.27%	NA
Debt Service Coverage Ratio (In times)	Earnings before Interest, Depreciation and amortisation and after tax other adjustments like loss/profit on sale of Fixed assets etc.	Debt Service	5.67	4.00	41.89%	Increase in Interest Coverage Ratio indicates the improvement in earnings available for Debt service
Return on Equity Ratio (%)	Net Profit after Tax	Average Total Equity	17.15%	14.38%	19.23%	NA
Inventory turnover Ratio (In times)	Revenue from operations	Average Inventories	2.05	1.75	17.06%	NA
Trade Receivables turnover Ratio (In times)	Revenue from operations	Average Trade Receivables	35.37	18.91	87.08%	Increase to 35.37 times from 18.91 times indicates improved receivable collection providing better liquidity management
Trade Payables turnover Ratio (In times)	Total purchases	Average Trade Payables	81.70	30.32	169.48%	There has been a considerable decrease in average trade payable as compared to previous year which has resulted in substantial degree of variance and increase in Trade payable turnover Ratio.
Net capital turnover Ratio (In times)	Revenue from operations	Working Capital	2.45	1.64	49.65%	There has been a considerable increase in Revenue from operations as compared to previous year which has resulted in substantial degree of variance and increase in Net capital turnover Ratio.
Net profit Ratio (%)	Net Profit after Tax	Revenue from operations	7.32%	6.59%	11.10%	NA
Return on Capital employed (%)	Profit before Interest, Exceptional Items and Tax	Total Capital Employed ((Total Equity + Total Debt + Deferred Tax Liabilities/(Assets)	18.61%	13.43%	38.60%	Increase in ROCE indicates improvements in Operating Margins.

HUMAN RESOURCES

At RBZ Jewellers, human capital continues to be one of the most strategic assets enabling the organisations sustained growth, operational efficiency, and brand reputation. In FY25, the Companys workforce stands at 285 no. of people, mirroring its expanding scale of operations and broader retail presence.

Talent Development and Capability Building

RBZ remains committed to fostering a high-performing and future-ready workforce. During the year, the Company conducted a detailed evaluation of existing skill sets and identified competency gaps critical to business success. In response, targeted recruitment drives were undertaken, alongside the roll-out of structured training modules focusing on technical proficiency and leadership development. These programmes aimed to enhance individual performance, strengthen functional capabilities, and support career progression across levels.

Digital Transformation in HR

The Companys HR digitalisation efforts gained further momentum in FY25, leading to notable improvements in employee lifecycle management. Core HR operations such as attendance, leave tracking, payroll, and employee records have been seamlessly digitised, improving transparency, accuracy, and turnaround times. Further, digital solutions were implemented for visitor management and IT support services, contributing to greater administrative efficiency and real-time issue resolution.

Employee Welfare and Well-being

Employee well-being remains central to RBZs human resources strategy. During the year, the Company continued to extend Group Personal Accident (GPA) insurance, Workers Compensation (WC) for the employees. Annual health check-ups and wellness drives were institutionalised to promote preventive healthcare and increase health awareness among employees.

Culture, Engagement, and Work-life Balance

RBZ Jewellers maintained its emphasis on nurturing a collaborative and inclusive workplace culture. Initiatives to enhance work-life balance included interval breaks, improved time-off policies, and dedicated sick leave provisions. These were complemented by regular team-building sessions and cultural events aimed at strengthening engagement, camaraderie, and organisational commitment.

Strategic HR Initiatives

To build greater agility and standardisation in its people practices, the Company continued to strengthen its HR Business Partner (HRBP) model. The HRBP team is playing an increasingly strategic role in aligning talent acquisition, capability development, employee engagement, and performance management with organisational goals. Clear Key Performance Indicators (KPIs) have been initiated to ensure objective evaluation and timely feedback, enabling a culture of accountability, transparency, and continuous improvement.

Looking ahead, RBZ remains focused on nurturing a resilient, motivated, and capable workforce that is aligned with its long-term vision of excellence, innovation, and customer-centricity.

INTERNAL CONTROL SYSTEM

RBZ Jewellers has instituted a robust internal control framework designed to ensure the integrity of financial reporting, safeguard of assets, compliance with statutory obligations, and operational efficiency across its business functions. This system is continuously reviewed and refined to align with evolving business needs and regulatory expectations.

During FY25, the Company carried out a comprehensive review of its Internal Financial Controls (IFC) in accordance with the requirements of Section 134(5) of the Companies Act, 2013. The enhanced framework is structured to reinforce risk mitigation, policy compliance, fraud prevention, and accuracy in financial disclosures while supporting streamlined and effective operations.

The Internal Audit function, which reports independently to the Audit Committee, undertook extensive audits across critical operational and financial domains during the year. These audits confirmed that the existing controls were functioning effectively, with no material weaknesses observed. All audit observations were addressed with timely corrective measures to further strengthen the control environment.

Key improvements in FY25 included the adoption of stricter oversight mechanisms for financial reporting and the integration of technology- driven monitoring tools, enabling realtime control validation and process transparency.

Based on the evaluation conducted by the Audit Committee and the Board, it is affirmed that RBZ Jewellers internal financial control systems were adequate and operating effectively as on 31st March 2025, thereby enabling the Company to meet its strategic objectives and maintain regulatory compliance with confidence.

RISK MANAGEMENT

Risk Category	Description of Risk	Mitigation Strategy
Market Risk	Fluctuations in gold and diamond prices can significantly impact profit margins and inventory valuations. Sudden price changes may lead to inventory losses or margin compression.	Strategic inventory management, including maintaining optimal inventory levels to reduce exposure to price volatility.
Regulatory Risk	Changes in taxation policies, customs duties, GST rates, and other regulatory frameworks can affect operating costs and compliance requirements.	Continuous monitoring of regulatory developments and a proactive, adaptable approach to ensure timely compliance and alignment of business operations with new regulations.
Operational Risk	Supply chain disruptions in sourcing precious metals and stones can affect production timelines and inventory availability, limiting the Companys ability to meet customer demand.	Diversification of supplier base, maintaining strong vendor relationships, and implementing stringent inventory management systems to ensure flexibility and operational continuity.
Reputation Risk	Compromises in product quality or customer service can harm brand reputation and impact customer trust and sales.	Rigorous quality control measures across the value chain and robust customer feedback systems to promptly address issues and maintain customer satisfaction.
Financial Risk	Exposure to interest rate changes, currency exchange volatility, and credit risk can affect borrowing costs, raw material imports, and receivables.	Prudent financial planning, optimal debt-to-equity ratio maintenance, close monitoring of credit exposure to customers/suppliers, and effective cash management practices.
, Competitive Risk	Intense competition from local and global jewellery brands may lead to pricing pressure, margin erosion, and potential market share loss.	Product differentiation through innovation in designing, diversified product portfolio, superior quality and customisation, along with consistent investments in brand-building and customer loyalty initiatives.
Macroeconomic Risk	Economic slowdowns, inflation, and shifts in discretionary consumer spending patterns can lead to reduced demand for jewellery.	Dynamic marketing, inventory and pricing strategies aligned with economic trends, and diversification of customer base across income groups and regions to mitigate dependence on any single market segment.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

At RBZ Jewellers, we believe that true prosperity lies not only in financial performance but also in the positive impact we create for society. Guided by our values of trust, responsibility, and inclusivity, we are committed to building stronger foundations through initiatives that foster education, empowerment, and sustainable development.

HERITAGE SCHOOL REVIVAL - APPLIED EDUCATION & INNOVATION CENTER (AEIC)

In FY2024-25, RBZ partnered with LxS Foundation to support the Heritage School Revival Project: Applied Education & Innovation Center (AEIC) at Raikhad, Ahmedabad. The initiative reflects our dual commitment to preserving heritage and empowering the future.

The project is dedicated to transforming the Government Girls Higher Secondary School into a safe, inclusive, and future-ready learning space that equips young (aged 12-25 years) with essential skills for employability, self-reliance and professional success.

Key Interventions Supported by RBZ

Our CSR contribution of D37,70,000 has been directed towards:

Electrical & Digital Infrastructure - Stable electricity connection, modern classroom wiring, outdoor lighting, and high-speed internet with WiFi access across the campus.

Water, Sanitation & Hygiene Facilities - Development of a dedicated service block with toilets, canteen, and caretaker facilities, along with RO-based drinking water and a repaired pumping system.

Safety & Accessibility - Construction and repair of boundary walls, installation of metal grills and gates, CCTV cameras, and wheelchair ramps to ensure safety and inclusive access.

Heritage Conservation & Modernisation - Restoration of doors, windows, ceilings, and flooring, termite treatment, fapade waterproofing, and polishing while maintaining the heritage fapade.

Outdoor & Green Spaces - Landscaped gardens and collaborative outdoor zones, encouraging interaction, selflearning, and extracurricular development.

Together, these initiatives are shaping an inspiring, future- ready campus that balances tradition with modernity.

Direct Impact

The AEIC project is designed to create long-term, measurable impact:

Primary Beneficiaries: At the core of the AEIC project are its primary beneficiaries ? young women students who now have access to a safe, modern, and inspiring campus environment. Through improved infrastructure, skill- development programs, and digital learning opportunities, the initiative empowers them with the tools needed for self-reliance, career readiness, and personal development, enabling them to become confident contributors to society.

Gender Empowerment: A focused initiative to build confidence, independence, and employability among young women, enabling them to pursue professional careers and financial independence.

Community & Heritage Value: Revitalisation of a Grade A2 heritage building (as per UNESCO classification) into a sustainable learning hub, benefiting students, families, and the broader community.

Our Broader CSR Footprint

While education has been a central focus, RBZ also contributed to healthcare and welfare upliftment initiatives during FY2024-25. Our total CSR outlay amounted to C52,89,000, allocated as follows:

• LxS Foundation - C37,70,000 (Heritage School Revival Project: AEIC)

• SMVS Swaminarayan Hospital and Research Foundation - C10,69,000 (supporting healthcare facilities and services)

• Angdan Charitable Trust - C4,50,000 (supporting welfare and social upliftment initiatives)

Through these contributions, we are extending our impact across education, healthcare, and social development ? addressing immediate needs while building long-term capacity.

The Heart Behind

At RBZ, our legacy is rooted in trust and responsibility. We believe education is the most powerful tool to break barriers and unlock opportunities. By empowering young women through this initiative, we are not only supporting their personal growth but also contributing to stronger families, a more capable society, and the nation at large.

This project is close to our heart because it represents the essence of what CSR should stand for: creating long-term, meaningful impact. We are humbled and grateful to have the opportunity to give back to society, especially in a way that directly uplifts the next generation.

Illuminating the Path Ahead

The AEIC project is more than infrastructure?it is about transforming lives through applied education. As the school reopens its doors with renewed facilities and purpose, we envision empowered young women stepping forward as confident, skilled, and self-reliant individuals.

At RBZ Jewellers, our legacy is built not just in gold, but also in the golden futures we help shape. Through such initiatives, we reaffirm our commitment to nurturing people and contributing meaningfully to Indias growth story.