Renaissance Global Ltd Management Discussions

Global economy

In 2024, the global economy posted a moderate yet uneven growth rate of approximately 3.2%, shaped by a complex interplay of tight monetary policies, persistent geopolitical tensions, and a renewed shift toward trade fragmentation. Advanced economies grappled with the lag effects of elevated interest rates and sluggish cross-border trade, while emerging markets particularly in Asia demonstrated greater resilience driven by domestic consumption and targeted policy support. Inflationary pressures continued to ease globally, enabling some central banks to cautiously pivot toward monetary easing. However, policy unpredictability, rising protectionist measures, geopolitical risk and bouts of financial market volatility remain key downside risks. While the global economy has displayed resilience, growth is expected to stay subdued in the near term, amid a more fragmented and challenging macroeconomic backdrop.

Gems & Jewellery Market

In 2024, the global gems and jewellery market was valued at approximately USD 327 billion and is projected to expand at a CAGR of 4.7% through 2034, reaching an estimated USD 518 billion .This growth trajectory is underpinned by rising disposable incomes, an expanding middle class, and shifting consumer preferences that blend aspiration with practicality. Jewellery continues to hold enduring appeal as both a statement of personal style and a form of investment with lab-grown diamonds (LGDs) gaining meaningful traction due to their affordability, ethical sourcing, and environmental benefits.

Manufacturers are rapidly evolving to meet new consumer expectations by launching innovative designs across silver, gold, and oxidized metals. The emerging trend of "wearable wealth" jewellery that is fashionable yet functional has fueled demand across both developed and emerging markets. Digital transformation remains a powerful catalyst reshaping the jewellery value chain. The proliferation of e-commerce platforms, virtual try-on technologies, and blockchain enabled supply chain transparency is revolutionizing how consumers discover, evaluate, and purchase fine jewellery. Global online jewellery sales, which stood at USD87 billion in 2024, are expected to reach USD104 billion by 2030, reflecting 3%growth in digital channels.

The United States, the largest individual market, valued at USD78.4 billion in 2024, is projected to reach USD97.6 billion by 2030 growing at CAGR of 3.7% through 2030. The US growth story continues to be driven by consistent demand in bridal and engagement categories, rising interest in bespoke and personalized jewellery, and growing consumer emphasis on ethical sourcing. Gen Z and millennial buyers are increasingly influencing the market narrative demanding transparency, customization, and a purpose-led brand experience. U.S. online jewellery sales remained a strong growth engine, with estimates pointing to sales surpassing USD22.5 billion by the end of 2024. An estimated 70% of U.S. consumers conduct online research before buying jewellery, and 55% completed their purchase online in 2022.

Yet, the sector is not without headwinds. Elevated inflation, volatile commodity prices, and broader macroeconomic uncertainty continue to pressure discretionary spending. Consumers have become more selective, often deferring high-value purchases. Persistent supply chain constraints and pricing volatility in precious metals and gemstones have impacted margins across the value chain, particularly for manufacturers and retailers with global sourcing dependencies.

Despite these challenges, the global gems and jewellery industry has demonstrated remarkable resilience. Continuous innovation in product design, accelerated digitization, and stronger consumer engagement are unlocking new avenues for growth. While the near-term outlook remains cautious due to global macroeconomic headwinds, the medium to long-term prospects are underpinned by favorable demographics, the rapid expansion of digital commerce, and the sectors ability to adapt to evolving consumer preferences.

Lab-Grown Diamonds: A Strategic Growth Avenue

Lab-grown diamonds (LGDs) continued to gain strong global momentum in 2024, underpinned by growing consumer demand for ethically sourced, environmentally responsible, and value driven fine jewellery. Manufactured through advanced processes such as High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD), LGDs are chemically, physically, and optically identical to natural diamonds yet offer a significantly lower environmental footprint and price point.

The global LGD market stood at $24 billion in 2022 and is projected to more than double, reaching $59.2 billion by 2032, driven by a CAGR of 9.6% over the 2023-2032 period. Diamonds under 2 carats—particularly in the 1 to 2 carat range- remain the most preferred size category, accounting for over two-thirds of global LGD sales in 2024. This size segment is especially popular in bridal and commitment jewellery, and is expected to deliver the fastest growth, with a projected CAGRof9.9%.

In the United States, consumer adoption of LGD jewellery remains robust. The categorys value proposition combining affordability with sustainability resonates deeply with millennial and Gen Z consumers. In Europe, rising environmental consciousness and increasing preference for traceable luxury goods have opened up new avenues for growth. To capitalize on this trend, the Company is actively partnering with select European retailers to pilot and expand LGD jewellery collections across strategic store formats.

India represents a compelling long-term opportunity, given its deep cultural affinity for diamonds and the rapid rise in awareness around lab-grown alternatives. Polished LGD exports from India are growing at -55% annually, accounting for -6.2% of natural polished diamond exports. An estimated 1,800-2,000 reactors, largely using the CVD method, are now operational in India, making it a global hub for LGD production.

However, the industry is also facing its own created headwinds. Aggressive capacity expansion has ledto significant oversupply, resulting in sharp price corrections over the last 24 months.This has exerted margin pressure on players focused on the upstream manufacturing and polishing segments.

Renaissance Global has taken a disciplined and differentiated approach to the LGD opportunity. Rather than entering the volatile upstream segment, the Company has chosen to focus exclusively on branded LGD jewellery collections, leveraging its core strengths in product design, merchandising, digital commerce,and storytelling.

In India, the Company successfully launched WithClarity under the IRASVA brand umbrella, offering fully customizable LGD jewellery via a direct- to-consumer platform (www.withclarity.in) and a shop-in-shop retail model. This initiative is sharply aligned with the evolving preferences of Indian consumers, who are increasingly seeking aspirational, sustainable, and bespoke fine jewellery at accessible price points.

By remaining asset-light in production and capitalizing on brand-led retail, RGL has effectively mitigated price volatility risks while reinforcing its premium positioning in the LGD segment. This strategy allows the Company to focus on margin- accretive growth, deeper customer engagement, and long-term brand equity creation.

Rise of Direct to Consumer brands

Another transformation in shopping destinations is the shift toward buying from direct-to-consumer (DTC) jewellery brands and specialty retailers, as opposed to traditional multi-brand stores or middlemen. Over the past few years, a wave of digitally native DTC jewellers (e.g. Brilliant Earth, Mejuri, Blue Nile, Aurate, etc.) has captured market share by marketing modern designs, ethical sourcing, and value-based pricing directly to consumers online. These brands often thrive on social media influence and word-of-mouth, attracting Millennial and Gen Z shoppers who appreciate their transparent pricing and relatable branding. The impact is evident: industry reports note that the boom in onlinejewellery sales"is driven by the rise of direct-to-consumer (D2C) brands, andgrowing confidence in purchasing fine jewellery from online retailers."

Established luxury brands are also doubling down on their direct channels. For instance, iconic names likeTiffany&Co., Cartier, and Van Cleef&Arpels now emphasize their own boutiques and websites for sales, rather than relying on department stores. Meanwhile, some formerly online-only players have begun opening brick-and-mortar showrooms to build a physical presence - "brands that were born exclusively online [are] now boasting impressive brick-and-mortar stores," reflecting an omnichannel maturation of DTC retail.

On the flip side, department stores and mall jewellers have lost some traction with younger consumers. As many shoppers now bypass these in favor of either going straight to a brand (online or at its boutique) or visiting independent jewellers. Younger generations are also highly brandconscious - McKinsey notes that Gen X, Millennial, and Gen Z are more likely than Boomers to demand branded jewellery and to "purchase jewellery from companies that represent their values." This is pushing the market toward more branded jewellery offerings (McKinsey predicts branded fine jewellery will comprise 25-30% of the market by 2025, up from <20% a few years ago). I n practice, this means a shopper might choose a recognizable designer or an artisan brand piece (for the story or status) instead of a generic item from a department store case.

The "younger and more diverse client base"fuelling jewellery growth is indeed gravitating to branded and boutique experiences. For retailers, adapting to this means investing in brand-building, storytelling, and direct customer engagement. Many jewellers have launched their own ecommerce and social media campaigns to connect with younger buyers, and some have even joined online marketplaces or digital showroom platforms to extend their reach. The net effect is a more fragmented retail landscape: consumers have more choices of where to buy - from Instagram famous micro-brands to heritage luxury houses online and they are exercising that choice to find the best combination of values and experience.

Personalized & Custom Jewellery Boom

Shoppers across demographics are increasingly seeking jewellery that feels personal, unique, or customized. This encompasses everything from engraved nameplate necklaces and initial pendants to birthstone pieces and fully bespoke designs.

Industry observers note that over the past decade, personalization has "materialized in a multitude of ways," becoming something consumers "clamor for, wanting to make a statement through a piece no one else has".The late 201 Os saw a big trend in initial necklaces (peaking around 2019) and other sentimental jewellery . Now in the mid-2020s, the trend has evolved toward even more unique expressions often one-of-a-kind creations. Bespoke jewellery is gaining significant traction, to the point where experts say the "new status will be all about bespoke" rather than everyone buying the same luxury brand design.

Consumers (especially Millennial with spending power) love the idea of collaborating on custom engagement rings or repurposing heirloom gems into modern settings. Even mass-market jewellers have added customization options (online ring builders, mix and match charm bracelets, etc.) to meet this demand. The growth in custom design services and an 8% rise in independent jewellers sales of repairs/custom work in late 2023 - underscores that many buyers want something uniquelytheirs.

Personal meaning and storytelling have become as important as aesthetic, driving trends like "forever" permanent jewellery (bracelets welded on as a sentimental experience) and jewellery tied to ones identity or journey. This desire for personal connection in jewellery dovetails with the broader experience economy too retailers report that events like charm personalization bars or permanent jewellery pop-ups draw in younger customers looking for both a product and a memory.

RENAISSANCE GLOBAL - BUSINESS MODEL AND

KEY STRENGTHS

Business model

Renaissance Global Limited (RGL) is a leading global player in the branded jewellery space, with a vertically integrated business model spanning design, manufacturing, branding and licensing, marketing and distribution. We cater to some of the worlds most discerning jewellery consumers across the USA, Canada, UK, Asia, and Australia. Our multichannel approach—encompassing both Business- to-Business (B2B) and Direct-to-Consumer (D2C) models—enables us to address a wide spectrum of p rice poi nts, p rod uct types, a nd reta i I experie n ces.

Our operations are structured into three synergistic verticals:

* Owned Brands

* Licensed Brands

* Customer Brands (OEM/Private Label)

This diversified and agile model empowers RGL to scale profitably while delivering consistent quality, design excellence, and brand relevance across global markets.

CUSTOMER BRANDS (OEM/Private Label)

RGL has long-standing partnerships with leading specialtyjewellers, department stores, e-commerce platforms, and designer labels, supplying both white label and licensed jewellery collections tailored to their brand identity and consumer base. Our product range spans from high-value bridal pieces to everyday fashion essentials, appealing to a broad retail audience.

While the United States has historically been our core market, we are witnessing accelerated traction across Europe and Asia. Our growing presence in these geographies is a testament to RGLs:

* Robust manufacturing capabilities

* Proven execution in complexsupply chains

* Global design sensibilities

* Rigorous quality assurance practices

This has positioned RGL as a trusted OEM partner of choice for a growing number of international fashion and jewellery brands seeking world-class manufacturing with creative agility.

We have established specialised manufacturing facilities and management infrastructure to cater to the fast growing global designer D2C brands. As this segment continues to boom globally, we expect more and more such brands partnering with us to leverage our expertise and experience in understanding their unique supply chain requirements and product development nuances.

We also have specialised infrastructure to cater to the very fast growing need for customized jewellery, both for our B2B as well as D2C customers. This facility is geared to process specially customized pieces of jewellery from design to export within a span of 8-10 days. We expect significant growth in this segment as the demand of unique customized pieces, especially engagement rings continues to rise.

OWNED BRANDS United States

In the U.S. market, our in-house brand portfolio has evolved into a high-growth engine. Our lab-grown diamond (LGD) engagement rings and bridal jewellery are offered through our owned D2C platform, which provides custom configurability, rapid lead times, and exceptional value. This business is rooted in sustainable practices, ethical sourcing, and a deep understanding of modern consumer behaviour.

In a strategic move during FY25, we acquired a strategic stake in Jean Dousset Jewelry LLC, an iconic U.S.-based LGD bridal designer and a descendant of Louis Cartier. With RGL as a supply chain and distribution partner, Jean Dousset is poised to scale significantly, addressing the rising global demand for bespoke, ethically crafted fine jewellery.

We also serve as a supply chain and technology partner to WithClarity, a prominent U.S. D2C platform known for its focus on LGD bridal jewellery and personalized shopping experiences. We have also licensed WithClarity for the Indian market.

Operating through both a standalone D2C site (withclarity.in) and shop-in-shop formats within Irasva, this offering captures Indias growing affinity for sustainable, personalized jewellery comple-. menting this are our fashion jewellery brands, Jewelili and Everyday Elegance, which are well- positioned on major e-commerce platforms. These brands deliver accessible luxury through thoughtfully designed collections for everyday moments.

India

In India, our premium retail brand Irasva continues to build a strong identity across its physical stores in Mumbai, Ahmedabad, and Hyderabad. Focusing on the empowered modern Indian woman, Irasva seamlessly blends heritage craftsmanship with modern aesthetics.

LICENSED BRANDS

Our licensed brand vertical leverages globally recognized franchises to create emotionally resonant jewellery collections with strong retail appeal. These brands are distributed through both retail partners and RGLs owned D2C websites, offering a high-margin revenue stream with brand- led differentiation.

Our licensing portfolio includes a range of marquee names across entertainment and lifestyle, reflecting strong brand partnerships and broad consumer appeal. Key licenses include Disney, Star Wars™, Marvel, NFL, and Hallmark, allowing us to offer diverse, design-led collections that resonate with fans and shoppers across multiple demographics.

These IP-based collections offer a distinct value proposition—merging jewellery with storytelling, fandom, and nostalgia.This differentiation enhances visibility and shelf impact at retail, commands premium pricing and margins, requires lower working capital than traditional inventory-heavy models. By operating an omni-channel model with focused D2C investments, RGL optimizes customer acquisition costs, data ownership, and lifetime value.

Key Strength

1. Product Development Excellence

At the heart of Renaissance Globals value proposition lies a world-class product development engine. Our team of over 200 experienced merchandisers and designers brings deep insight into evolving global trends and consumer preferences. Each year, we launch more than 15,000 new jewellery designs, supported by a proprietary design bank of over 100,000 SKUs that serves as a creative and commercial asset. Our integrated design-to-market process is powered by advanced 3D modeling software, high-resolution rendering tools, rapid prototyping equipment, and a skilled in-house model-making team—enabling speed, precision, and innovation across all product categories.

2. Agile and Scalable Manufacturing

Following a strategic realignment in FY25, we consolidated our manufacturing footprint by shifting operations from Bhavnagar to our optimized Mumbai SEEPZ location. Today, our manufacturing ecosystem spans six specialized units across 100,000+ sq. ft., employing over 2,500 highly trained artisans and technicians. Each unit is dedicated to a specific product segment- —including quick-ship programs, OEM brands, fashion jewellery, and bridal—ensuring focused expertise and streamlined production. With an annual capacity exceeding 3 million pieces and the ability to deliver finished productswithinjust7days, we are well-equipped to meet the dynamic demands of global retailers and fast-growing direct- to-consumer channels.

3. Robust Sales and Distribution Infrastructure

Renaissance Global operates a globally diversified, fully integrated sales and distribution network. Our B2B platform supplies fine jewellery to some of the worlds most respected retail chains, as well as leading e-commerce platforms, TV retailers, and high-growth D2C brands. With regional offices in New York, London, and Dubai, we ensure real-time customer engagement and seamless service delivery. The 56,000 sq. ft. New Yorks headquarters serves as a central hub for efficiently fulfilling B2B and D2C orders, driving our rapidly scaling, brand- led digital commerce strategy.

Licensed Brands

ENCHANTED DISNEYFINE JEWELRY

Enchanted Disney Fine Jewelry reimagines the magic of beloved Disney princesses such as Belle, Cinderella, and Snow White into timeless, diamond- studded fine jewellery. Building on this legacy, the Enchanted Star collection is a premium line of lab- grown diamond engagement and anniversary rings inspired by iconic Disney characters, including both princesses and villains. Officially licensed by Disney, each design features intricate, character inspired details like Belles rose, Cinderellas carriage, and Snow Whites bow crafted with precision and brilliance.

STARWARS™ FINE JEWELRY

Inspired by one of the most enduring cinematic universes, Star Wars Fine Jewelry captures the essence of legendary characters and galactic symbols through precision craftsmanship. The collection features precious metals, natural diamonds, sapphires, garnets, onyx, and intricate enamel work translating fandom into wearable luxury. It includes fashion forward rings, bracelets, necklaces, and even engagement pieces, each design bridging the gap between bold sci-fi iconography and contemporary elegance. Perfect for enthusiasts, the collection offers elevated expressions of passion rooted in a galaxy faraway.

DISNEY JEWELS COLLECTION

Disney Jewels Collection celebrates the enduring charm of beloved Disney characters through designs that evoke nostalgia, joy, and timeless appeal. Showcasing icons like Mickey Mouse, Minnie Mouse, Winnie the Pooh, and Fantasia, each piece is crafted in 10Kor MKgold or sterling silver, accented with fine diamonds. With a retail footprint spanning over 800 stores, the collection blends whimsical storytelling with refined craftsmanship. From pendants and rings to bracelets and earrings, Disney Treasures offers accessible luxury that connects generations through cherished memories and iconic characters.

Licensed Brands

MARVEL FINE JEWELRY

Marvel Fine Jewelry channels the strength, style, and spirit of the Marvel Universe into dynamic, character-driven jewellery collections. Featuring celebrated icons like Spider-Man, Black Panther, Loki, and Groot, each piece is crafted in sterling silver with gold plating, enamel detailing, and a mix of natural and lab-grown diamonds. These officially licensed designs blend striking symbolism with heroic flair, offering fans a bold and stylish way to express their fandom. With premium craftsmanship and contemporary design, Marvel Fine Jewellery transforms legendary characters into wearable statements of powerand pride.

TRUE FANS FINE JEWELRY

The True Fans Fine Jewelry collection, officially licensed by the National Football League (NFL), transforms fandom into fashion with personalized, game-day-ready pieces. Representing all 32 NFL teams, the collection features rings, pendants, bracelets, and earrings crafted in sterling silver, 10K gold, and premium gemstones including both natural diamonds and lab-grown alternatives. With extensive customization options to reflect individual fan identities, True Fans offers high-impact, stylish designs that celebrate championship moments and team pride perfect forthe modern sports enthusiast.

HALLMARKFINEJEWELRY

Hallmark, a legacy brand synonymous with emotion and celebration, extends its heritage into the fine jewellery category with Hallmark Fine Jewelry. Crafted to commemorate lifes most meaningful moments, this collection features heartfelt designs across rings, necklaces, earrings, and bracelets. Available in more than 2,000 stores across the U.S. and through a dedicated D2C website, the range leverages Hallmarks powerful emotional resonance and broad customer base. With an omni-channel strategy and message-driven design language, Hallmark Fine Jewellery connects deeply with consumers seeking symbolic, story-rich gifting options.

Licensed Brands

Wonder Fine Jewelry (Platform)

Wonder Fine Jewelry is the exclusive e-commerce platform that curates licensed collections from Disney, Marvel, and Star Wars™, alongside a broad range of traditional fine and bridal jewellery. Designed for both fans and fine jewellery aficionados, the website offers seamless navigation by character, occasion, or product type. Special "Vault" promotions and customizable features add to its consumer appeal. Each collection merges compelling storytelling with high-quality craftsmanship, delivering a best-in-class Omni channel jewellery experience thats both emotive and aspirational.

Owned Brands

IRASVA

iRASVA is Renaissance Globals flagship fine jewellery brand in India, established in 2019 to celebrate the modern womans individuality, strength, and self- expression. The brand name blends "ira" (joy) and "sva" (self), capturing its ethos of self-love and confidence. IRASVAs differentiated value proposition includes personalized boutique experiences, bespoke design services, transparent pricing, and lifetime maintenance all tailored to todays discerning, digitally savvy consumer. With boutiques in Mumbai, Hyderabad, and Ahmedabad, the brand continues to expand its physical and digital

As part of our strategic omnichannel expansion, we introduced WithClarity India—a premium shop-in-shop concept integrated within IRASVA boutiques, supported by a dedicated D2C platform. Leveraging our partnership with WithClarity USA, this initiative brings lab-grown diamond engagement rings and fine jewellery to Indian consumers, inspired by minimalist Western design sensibilities. WithClarity addresses the aspirations of millennial and Gen Z buyers seeking ethical, customizable, and value-rich fine jewellery. This synergistic D2C-retail model strengthens our brand architecture and supports our goal of achieving profitability in the India business by FY26.

Owned Brands

JEWELILI

Jewelili is Renaissance Globals U.S.- based digital-first fine jewellery brand, offering accessible, ethically sourced designs for every occasion—from birthdays and weddings to everyday wear. Crafted in sterling silver and 10K-14Kgold with natural and lab- grown diamonds and gemstones, the collection spans trend-driven styles and timeless classics. With a focus on quality, affordability, and a seamless shopping experience, Jewelili reaches consumers through its D2C website and Amazons B2B marketplace, making it a go-to destination for gifting and everyday luxury.

EVERYDAY ELEGANCE

Everyday Elegance Jewelry is a

U.S.-based online fine jewellery brand offering classic, everyday- wear pieces crafted in 14K gold, platinum, and sterling silver, often set with high-quality diamond alternatives like cubic zirconia and moissanite.The collection includes earrings, rings, necklaces, and chains designed for durability and versatility- meant to be worn through sleep, swim, and play. With a focus on timeless design, affordability, and practical luxury, the brand delivers a seamless shopping experience supported by detailed guides and easy returns.

SUSTAINABILITY

At Renaissance Global Limited, sustainability is integrated into our core business strategy. We continue to uphold the highest global standards of ethical conduct and responsible governance. Our certifications from the Responsible Jewellery Council (RJC) and compliance with Sedex Members Ethical Trade Audits (SMETA) reaffirm our unwavering commitment to transparency, accountability, and ethical sourcing acrossour value chain.

Environmental stewardship remains a key focus area. Guided by our robust Environmental Management System (EMS) and certified under ISO 14001, we are systematically working to reduce our environmental footprint. This includes energy-efficient practices, waste minimization, and resource conservation across ouroperations.

We are proud supporters of theTen Principles of the United Nations Global Compact, embedding its pillars of human rights, fair labor, environmental protection, and anti-corruption into our organizational culture and decision-making processes. We also align our ESG priorities with the UN Sustainable Development Goals (SDGs), contributing meaningfully through both internal action and external partnerships.

Our social responsibility initiatives are anchored by the Renaissance Foundation, which has expanded its reach across key areas including education, healthcare, disaster relief, and animal welfare. Through these programs, we seek to empower underserved communities and foster inclusive growth.

As we look ahead, we remain committed to driving long-term value creation through responsible practices ensuring that sustainability continues to be a catalyst for innovation, resilience, and shared prosperity.

FINANCIALS OVERVIEW

Renaissance Global Limited delivered a resilient performance in FY25, with revenues from operations reaching ?2,081 crore. This growth was primarily driven by strong momentum in the branded jewellery and Direct-to-Consumer (D2C) channels. The company reported a gross profit of ?675 crore, with margins improving to 32.3%, supported by a favourable product mix and operational efficiencies. EBITDA stood at ?167 crore, reporting an EBITDA margin of 8.0%. The company reported a profit before tax (PBT) of ?85 crore and a profit after tax (PAT) of ?74 crore, maintaining a stable net margin of 3.5%.

The Company further strengthened its financial position by reducing net debt to ?251 crore and improving the net debt-to-equity ratio to 0.18. Owned brands grew to ?214 crore, with EBITDA margins rising to 8.3%, while licensed brands delivered ?393 crore in revenue with a robust 14.5% margin. Customer brands revenue reported ?1,382 crore, with improved EBITDA margins at 8.2%. Branded revenues now accounts for 31% of total studded jewellery sales, underscoring the companys continued focus on higher-margin, brand-led growth.

Key Financial Parameters (7 Crores)	FY2025	FY2024
Net Revenue	2081	2,107
EBITDA	167	168
% of Net Revenue	8.0%	7.9%
Depreciation	30	30
Interest Expenses	52	52
Other Income	8	10
PBT	85	85
% of Net Revenue	4.1%	4%
Tax	12	12
Profit After Tax	74	74
% of Net Revenue	3.5%	3.5%

OUTLOOK

As we look ahead to FY26, Renaissance Global is poised fora period of strategic acceleration driven by the continued expansion of our branded jewellery portfolio, deeper penetration of our Direct-to- Consumer (D2C) channels, and margin-enhancing operational initiatives. We expect growth to be led by our high-margin Licensed and Owned Brands, with significant tailwinds from the increasing global acceptance of lab-grown diamond jewellery. Our India retail brand IRASVA and the newly launched WithClarity India are expected to gain further traction, supported by growing demand from millennial and Gen Z consumers. With a focused push on digital commerce, customer personalization, and product storytelling, we are confident in our ability to scale our D2C vertical profitably.

Simultaneously, our OEM business continues to benefit from strong factory order visibility, as global brands increasingly seek trusted manufacturing partners for fine jewellery. We will build on this momentum through agile capacity utilization, faster sampling, and deeper client partnerships. On the operational front, the consolidation of manufacturing operations and tight cost control measures implemented in FY25 are expected to yield full-year benefits in FY26. As we aim to cross 50% revenue contribution from branded jewellery in the medium term, our focus remains firmly on building a leaner, brand-led, digital-first organization capable of delivering sustainable growth and superior returns forourshareholders.

Internal Controls

Renaissance Global Limited has established a robust internal control framework tailored to the nature, scale, and complexity of its operations. These systems are designed to ensure the accuracy and reliability of financial information, safeguard assets from unauthorized use, and maintain compliance with all applicable lawsand regulations.

To further strengthen these controls, the Company has engaged a reputable audit firm to conduct regular internal audits.This firm rigorously evaluates operational processes and provides valuable observations and recommendations to both management and the Audit Committee, helping to continuously review and enhance the effectiveness ofthe internal control environment.

In addition, the Company has made significant investments in advanced information technology systems to protect and secure sensitive data,

reflecting a strong commitmenttodata integrity and cybersecurity. By maintaining a rigorous internal control framework,supported by regular audits and advanced technology solutions, Renaissance Global Limited aims to uphold the highest standards of financial reliability and operational security across all facets of its business.

Risks,Threats,and Concerns

The jewellery industry remains inherently exposed to global economic fluctuations, shifts in competitive intensity, and changes in consumer sentiment. For Renaissance Global Limited, several risk factors have been identified as relevant in FY2025:

Global Economic Conditions and Consumer Confidence

Sales performance is closely linked to overall economic conditions and the level of consumer confidence. During periods of economic slowdown or geopolitical uncertainty, discretionary spending on luxury products like jewellery tends to contract, directly impacting sales volumes and profitability. In FY2025, evolving U.S. trade policies and the imposition of tariffs on Indian jewellery products introduced further potential pressures on our business operations and financial results.

Fluctuations in the U.S. Dollar

As the Companys revenues and raw material procurement are primarily denominated in U.S. dollars, while production expenses are largely incurred in Indian Rupees, movements in currency exchange rates present an ongoing risk. Appreciation ofthe Indian Rupee against the U.S. dollar during FY2025 could increase our production costs and impact overall profitability, highlighting the importance of effective hedging and treasury management.

Price Volatility and Availability of Diamonds and Other Gemstones

The Companys operations rely on critical raw materials such as gold, silver, diamonds, and colored stones. While prices of gold and silver are generally aligned with customer orders at the time of booking, diamond and gemstone prices are fixed for specific periods. Volatility in the supply or pricing of these key

materials during FY2025 posed a potential risk to gross margins and overall business continuity, underscoring the need for strong supplier partnerships and inventory strategies.

Renaissance Global Limited remains vigilant and proactive in monitoring these external and industry- specific risks, with mitigation strategies and contingency plans in place to preserve its operational and financial resilience.

Cautionary Statement

Statements made in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, and expectations may be considered "forward-looking statements" with in the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied due to various factors. These include, but are not limited to, changes in economic conditions affecting demand, supply, and price conditions in the domestic and international markets where the Company operates, changes in government regulations, tax laws, and other statutes, as well as other incidental factors beyond the Companys control.