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Goldiam Intl.
Our verdict on Goldiam Intl. isn’t the consensus take — see where we landed, and the one risk the bull case glosses over.
See the verdict — free →Does management do what it says?
The company reported an order book of ₹ 2700 mn as of September 30, 2024, which is significantly higher than the previous guidance of ₹ 1500 mn. (3 exceeded, 2 met across 5 tracked commitments)
“In terms of India, the opportunity we see is, I think within calendar year 2024, we should be able to have some start on that business venture.”
The company opened its first store in Borivali (W) and has signed leases for two more stores at Kharghar and Bandra, which are expected to be operational soon. (2 in progress, 1 met across 3 tracked commitments)
“We plan to have our first few stores up and running by Q3 FY25 in time for the festive season and aim to become the largest retailer of lab-grown diamond jewellery in our country.”
The company plans to open the taps for the franchisee model for ORIGEM stores within the next calendar year or next financial year.
“At some point, we will also open the taps for the franchisee model. That will happen perhaps within the next calendar year, certainly next financial year.”
The company targets monthly sales of INR 40 lakhs per store for its new B2C retail venture. — target: INR 40 lakhs
“We believe we should target INR40 lakhs of monthly sales per store.”
The company aims to become the largest retailer of lab-grown diamond jewellery in India. — target: Largest retailer of lab-grown diamond jewellery
“we hope that we will, within the first year of operations and store launch itself, effectively in calendar year 2025, become the largest [COCO 0:20:12] lab-grown diamond jewellery retailer in India.”
See the full cited Management analysis of Goldiam Intl.
How durable is the business?
Lab-grown diamond jewelry exports increased to 81.8% of the export sales mix in Q4 FY '25, up from 54% in Q4 FY '24. (5 expanding across 1 engine)
“Lab-grown diamond jewellery share in Q3 FY26 export revenue have increased to 90.5% share in overall sale”
The company maintains a strong cash position of INR 2,883.7 million as of March 31, 2025, and has approved an enabling resolution for a fundraise of up to INR 4 billion to support retail expansion. (3 expanding, 2 contracting across 1 engine)
“NATURAL 5% 2.5% 10% 7% 9.5%”
The company continues to leverage its position as a top 5 buyer of lab-grown loose diamonds and in-house manufacturing to maintain high gross margins (42-45% in B2C). (1 stable)
“Today, Goldiam would be probably among the top or certainly among the top 5 buyers of lab-grown loose diamonds... ORIGEM is currently selling jewelry at a 42% to 45% gross margin.”
Natural diamond jewelry contribution to revenue has declined to 18% in Q4 FY '25 as the company shifts focus toward lab-grown diamonds. (2 contracting)
“our proportion of lab-grown diamonds is around 82% now and 18% is of natural diamonds in our Q4 revenues.”
See the full cited Business Model analysis of Goldiam Intl.
Where does growth come from?
The contribution of lab-grown diamonds to total revenue has increased significantly from 21% in FY23 to 49% in FY24, with a quarterly peak of 54%. (5 accelerating across 5 signals)
“Lab-grown diamond jewellery share in Q3 FY26 export revenue have increased to 90.5% share in overall sale”
Revenue grew 12% YoY for the quarter, recovering from an 11% decline in Q1 to end the full year with 13% growth. (5 accelerating across 5 signals, 1 leading indicator)
“Despite the tariff overhang, festive season demand in the US during Q3 FY2026 helped Goldiam post consolidated revenue growth of 18% Y-o-Y at ₹ 3397 million.”
Goldiam is aggressively scaling its ORIGEM retail chain, moving from 6 operational stores in Mumbai to signing up 8 additional stores in new cities like Bangalore, Delhi NCR, and Chandigarh, with a long-term target of 100-125 stores in 24-36 months. (3 accelerating, 2 new trend across 5 signals)
“Goldiam currently has six operational ORIGEM stores in Mumbai... The company has further signed up for opening 8 additional stores... Goldiam plans to open 100-125 ORIGEM stores in the next 24-36 months”
The revenue share from lab-grown diamond jewellery has increased significantly from 19% in Q2 FY23 to 34-35% in Q2 FY24, indicating a strong shift in product mix. (5 accelerating across 5 signals)
“we've been able to increase our percentage of revenue on a higher base of lab-grown diamond jewellery from 19% in Q2, FY 2023 to 34%, 35% in Q2 FY 2024.”
EBITDA margins improved to 18.1% in Q4 FY24 from 16.7% in Q4 FY23, driven by the shift toward lab-grown diamonds and online sales. (1 accelerating, 1 steady across 2 signals)
“EBIDTA margins at 18.1% improved by 140 basis points over the Q4 FY23 due to an increased mix of lab grown diamond business and online business.”
See the full cited Future Growth analysis of Goldiam Intl.
What could break the thesis?
Lab-grown diamond jewelry exports increased to 81.8% of the export sales mix in Q4 FY25, up from 54% in Q4 FY24, indicating higher concentration. (5 intensifying, 1 high-severity)
“Lab-grown diamond jewellery share in Q3 FY26 export revenue have increased to 90.5% share in overall sale”
As of September 2025, 72% of inventory is held with customers on consignment, compared to the previously noted 65%. (1 intensifying, 4 easing, 1 high-severity)
“Despite the tariff overhang, festive season demand in the US during Q3 FY2026 helped Goldiam post consolidated revenue growth of 18% Y-o-Y”
Inventory levels increased due to the new U.S. casting model requiring additional gold investment and preparation for the holiday season. Management expects this to normalize in Q3. (1 stable)
“We see this normalize in Q3. We will see this normalize in Q3. We're already seeing that play out as the gold cycle has now normalized”
The company is scaling from 6 stores to a target of 20-25 stores in FY26, which requires significant capital and operational oversight. (1 intensifying, 1 emerging, 1 easing, 2 stable)
“We are expecting in this current financial year to have around 20 to 25 stores as per the current flow of plans.”
Gross margins have improved on a full-year basis (36.1% in FY25 vs 33.8% in FY24), showing an easing of margin pressure. (2 easing, 2 intensifying)
“Gross Margin % FY25: 36.1% vs FY24: 33.8% (235 bps)”
See the full cited Risk analysis of Goldiam Intl.
Read the full thesis on Goldiam Intl.
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