Utssav CZ Gold Jewels Ltd Management Discussions

For the Financial Year Ended March 31, 2025

The Management of Utssav CZ Gold Jewels Limited is pleased to present the Management Discussion and Analysis (MD&A) Report for the financial year ended March 31, 2025, along with an overview of future outlook. The views expressed in this report are based on the Companys current business environment and are subject to change depending on future economic, regulatory, and market developments in India and internationally.

The global economic landscape continues to shape the demand dynamics within the fashion and jewellery industry. Consumer preferences for affordable luxury items such as Cubic Zirconia (CZ) Jewellery, Plain Gold Casting Jewellery, Natural Diamond Jewellery, and Lab-Grown Diamond Jewellery are significantly influenced by global economic cycles. In periods of economic growth, discretionary spending on stylish yet value- driven jewellery experiences a notable increase. Conversely, during economic slowdowns, demand for such lifestyle and fashion accessories tends to soften. India holds a competitive edge in the global jewellery market due to:

• A skilled artisan workforce.

• Cost-effective manufacturing capabilities.

• An expanding export base supported by trade-friendly regulations and bilateral agreements.

These factors position India as a preferred sourcing hub for a wide range of jewellery categories from CZ and plain gold casting jewellery to natural and lab-grown diamond collections allowing it to effectively meet the rising global demand for both traditional and contemporary imitation and fine jewellery.

The Indian Economy remains a key pillar for the growth of the imitation and CZ j ewellery sector, contributing significantly to both GDP and export earnings. CZ jewellery, as a value-driven and fashion-conscious alternative to diamonds, aligns perfectly with evolving consumer behaviour, especially among urban youth and price- sensitive segments.

Key growth enablers include:

• Supportive government initiatives for the gems and jewellery industry.

• A surge in demand for BIS-hallmarked, customized jewellery.

• Growth of organized retail and e-commerce.

• Rising popularity of design innovation and lightweight jewellery.

Indias robust manufacturing ecosystem and design capabilities have helped position CZ jewellery as a fast- moving and profitable segment within the broader gems and jewellery industry.

The Business Established in 2007, Utssav CZ Gold Jewels Limited has emerged as a reputed player in the jewellery industry, focusing on the design, manufacturing, wholesale, and export of 18K, 20K, and 22K gold CZ jewellery, Plain Gold Casting Jewellery, Lab Grown Diamond Jewellery & Natural Diamond Jewellery. Since becoming a public limited company in 2008, we have continually strengthened our core capabilities in design innovation, craftsmanship, and quality assurance.

Our extensive portfolio includes:

• Rings, Earrings, Pendants, Bracelets, Necklaces, Watches, and Brooches.

• Custom-made lightweight CZ casting jewellery in yellow and rose gold.

• Region-specific designs catering to diverse consumer preferences across geographies.

Each piece is BIS-hallmarked and reflects our commitment to offering high-quality, affordable luxury tailored for daily wear and special occasions alike.

Product Specialization & Expansion

To meet evolving market needs, Utssav has expanded its product range to include various specialized jewellery segments:

CZ Gold Jewellery

• 18K & 22K Yellow Gold CZ Jewellery.

• 18K Rose Gold CZ Jewellery.

• Specialization in Minimalist Designs, Bridal Collections, and Custom Rings.

• Certified Plain Gold Jewellery including: 22K Rings and Studs, 22K Quibin.

Chains and Bracelets.

• Affordable and eco-conscious alternative with certified quality assurance.

Diamond Jewellery

-18K Natural Diamond Jewellery

-Lab-Grown Diamond Jewellery

18K Certified Lab-Grown Diamond Jewellery, Engagement Rings, Wedding Rings, Studs.

Diamonds available in premium quality grades including VVS / EF certified stones.

These expansions not only diversify our offerings but also strategically position us across premium and value-driven consumer segments, both domestically and internationally.

Segment-Wise Performance

The Company operates under a single segment: Jewellery Design, Manufacturing, Wholesale, and Export. While CZ gold jewellery remains our flagship segment, our new ventures into Plain Gold Casting Jeweller, Natural Diamond Jewellery and Lab-Grown Diamond Jewellery have begun contributing to revenue and brand recognition.

These new segments leverage our existing manufacturing expertise and market understanding to enhance longterm sustainable growth.

Strategic Vision & Outlook

Looking ahead, Utssav CZ Gold Jewels Limited is focused on:

• Scaling international presence through strategic export partnerships.

• Expanding B2B and retail networks in India and abroad.

• Introducing more contemporary, eco-friendly designs for the millennial and Gen Z audience.

• Investing in R&D and digital transformation to streamline design-to-delivery cycles.

We remain committed to delivering excellence, innovation, and value, ensuring that our brand continues to grow as a trusted name in the jewellery industry.

Cautionary Statement

This report may contain forward-looking statements that reflect the Companys current expectations and projections based on certain assumptions. Actual results could differ materially due to:

• Changes in economic or political conditions

• Market fluctuations

• Regulatory changes

• Tax policy reforms

• Legal developments and force majeure events

The Company does not undertake to publicly update any forward-looking statement that may be made from time to time, except as required by applicable law.

For and on behalf of the Board of Directors
Utssav CZ Gold Jewels Limited
Sd/-
Pankajkumar Hastimal Jagawat
Managing Director
DIN:01843846
Date: 06 th September, 2025
Place: Mumbai