AJC Jewel Manufacturers Expands Retail Footprint with Second Esthara Jewels Showroom in Kerala

AJC Jewel Manufacturers Expands Retail Footprint with Second Esthara Jewels Showroom in Kerala​

AJC Jewel Manufacturers Ltd., an integrated B2B jewellery manufacturing and technology platform, has initiated operations at the second retail showroom of its subsidiary, Esthara Jewels Private Limited. The new store, located at Hilite Countryside Mall in Chemmad, Kerala, began commercial operations after being inaugurated on June 19, 2026.

This expansion by M/s Esthara Jewels aims to strengthen the company's direct-to-consumer (D2C) presence within Kerala. The move aligns with AJC’s strategy of building a differentiated retail platform focused on contemporary silver jewellery, complementing its established B2B gold jewellery manufacturing business. Esthara Jewels provides an extensive range of 925 sterling silver and gold-plated silver jewellery designed to meet evolving consumer preferences for affordable and stylish daily wear pieces.

The development marks a significant step in the Company’s phased retail expansion strategy, which involves developing an integrated omnichannel platform through company-owned retail outlets and digital commerce channels for its silver jewellery business.

Industry Context and Silver Jewellery Trends​

India's gems and jewellery sector is benefiting from favorable long-term structural trends, driven by increasing consumer demand for branded products, evolving design preferences, and the growth of organized retail.

Despite global macroeconomic headwinds, India’s gems and jewellery exports stood at USD 27.72 billion in FY2025-26, according to the Gem & Jewellery Export Promotion Council (GJEPC). Notably, silver jewellery exports demonstrated robust global demand, growing by 52.21% year-on-year to reach USD 1.47 billion. These trends provide a favorable backdrop for AJC Jewel Manufacturers Limited’s focus on expanding the Esthara Jewels retail network within the organized segment of silver jewellery.

Management Focuses on Long-Term Growth​

Commenting on the development, Mr. Ashraf P, Chairman and Managing Director of AJC Jewel Manufacturers Ltd., emphasized that the second showroom represents an important step in strengthening customer engagement and expanding the retail presence. He stated that the objective is to build Esthara Jewels as a trusted destination for quality silver jewellery by combining superior craftsmanship, contemporary designs, and enhanced customer experience.

Mr. P noted that the silver jewellery business is set to play an increasingly important role in the Company's long-term growth strategy. Through Esthara Jewels, AJC is establishing a scalable direct-to-consumer platform supported by company-owned stores and digital channels. The continued expansion of the Esthara Jewels retail network is expected to support the Company’s sustained growth trajectory, contributing toward the target of a consolidated revenue CAGR of approximately 50% over the next three years, with standalone revenue projected at around ₹450 crore in FY27.

About AJC Jewel Manufacturers Ltd.​

AJC Jewel Manufacturers Ltd. is an integrated manufacturer specializing in 22K and 18K gold jewellery products for leading retail chains, corporates, and independent jewellers both domestically and internationally. The Company operates from its 21,780 sq. ft. manufacturing facility in Malappuram, Kerala.

AJC’s core specialization lies in precision-engineered, design-led jewellery manufacturing, encompassing traditional casting, CNC-machined jewellery, bespoke orders, and studded jewellery. By integrating modern manufacturing technologies with in-house design capabilities, AJC delivers scalable and efficient solutions to its customers through a proprietary B2B platform featuring over 5,000 jewellery designs.

Stock Price Movement​

AJC Jewel Manufacturers Ltd saw its shares settle on Monday at ₹97.01, declining 5.82% during the trading day. The stock experienced volatility as it traded between a low of ₹97.00 and a high of ₹100.00.