Our Business

Business Overview

We are one of the leading organised manufacturers of gold jewellery in India, specializing in Antique Gold Jewellery and distribute to reputable nation-wide retailers and significant regional players in India . We have a history of more than fifteen (15) years in the jewellery industry. We design and manufacture a wide range of Antique Gold Jewellery which consists of jadau, Meena and Kundan work and sell it on a wholesale and retail basis. We also process and supply Antique Gold Jewellery on job work basis to national retailers. Our customer base in wholesale business includes reputed national, regional and local family jewellers spread across 19 States and 72 cities within India . Our Company also operates its retail showroom under the brand name “Harit Zaveri” and is a leading player in Ahmedabad. We offer jewellery for bridal, occasional and daily wear at various price range in our retail showroom. We also export our jewellery to Middle East region. We carry out our manufacturing operations from a well-equipped and modern facility situated at Ahmedabad, Gujarat having advanced technologies in casting, laser and 3-D printing. Our retail showroom is situated in the prominent area of Ahmedabad, Gujarat.

Infrastructure and team: We have a well-equipped and modern gold jewellery manufacturing facility situated at Sarkhej Gandhinagar Highway, Ahmedabad, Gujarat having capability to design as well as manufacture gold jewellery under one roof. The manufacturing facility has an area admeasuring 23,966 sq. ft and is owned by us. Our retail showroom spread over 11,667 sq. ft. is situated in Satellite area, Ahmedabad, Gujarat in the vicinity where other large retailers have their presence. We own an area admeasuring 10,417 sq. ft. of our showroom space and area admeasuring 1,250 sq. ft. is occupied on lease basis.

Our Company started its journey with a work force of only eight (8) persons and we have over a period of time, increased our work force to 185 employees. We also have permitted capacity of 250 artisans for our manufacturing facility. Our artisans are well trained and skilled craftsmen who help us in manufacturing quality gold jewellery. In order to cater to the ever-increasing demand in the market, we have an established network of external skilled artisans to whom we outsource the work as per the requirement of the Company. Despite the increase in the gold prices in 2023, we have managed to boost our revenue in quantitative terms (excluding bullion sales) by achieving an overall volume growth of 12.44% in Fiscal 2023 compared with Fiscal 2022.

Manufacturing capabilities: Our jewellery is manufactured primarily in close collaboration with skilled local craftsman located within our manufacturing facility and in some cases across other states as well. We have developed a manufacturing process wherein we adopt emerging jewellery making techniques, latest technology and blend it with traditional methods, to bring out the uniqueness of our designs. Our success can be credited to our meticulous attention to sourcing quality material and employing highly skilled artisans and craftsmen while leveraging cutting-edge technology in manufacturing process to enhance our productivity and output. We believe that our commitment to excellence and passion for creating exquisite jewellery designs that surpass our customers’ expectations is evident in every piece that we produce. We take pride in our unwavering dedication to delivering outstanding value to our clients.

Foray into retail: Our Company’s retail business was established in the year 2014 in the name of “Harit Zaveri Jewellers” under the brand name of “Harit Zaveri”, with the aim of bringing transparency and ethical practices in maintaining and offering the finest quality and the right price to its customers in the retail market. Our retail division offers various categories of gold, diamond and Polki jewellery, containing various types of bangles, rings, bracelets, necklaces and jewellery sets, which cater to bridal, occasional and daily wear.

Board of Directors: We are supported by an experienced board of directors with diversified expertise which actively contributes to and participates in our strategies. Our Board consists of four (4) Non-Executive Independent Directors who are knowledgeable personalities from various fields such as gems and jewellery, banking, finance and legal.

Our Business Model

Our experience of more than fifteen years supplemented by our Promoter’s experience in the jewellery industry has enabled us to build an effective business model. The unique proposition of our business model is complete control over the entire value chain.

On the demand side, we sell our products on a wholesale and retail basis. Through the wholesale business, we cater to a variety of reputed national retailers, regional and local family jewellers spread across 19 States and 72 cities within India. Through our retail showroom under the brand “Harit Zaveri” located in Ahmedabad, we directly cater to the end consumers in Gujarat. We also process and supply Antique Gold Jewellery on job work basis to national retailers.
On the supply side, we have an in-house design and manufacturing process, which is highly flexible and customisable. We follow a strong design process to make jewellery that flows from right market research to develop theme, building up forms layouts and developing each and every element of the jewellery to produce right kind of finish and desired designs. Our constant innovation and approach towards offering unique designs has been our strongest pillar of growing our brand. Our end-to-end manufacturing setup under one roof is a mix of latest machines and human skills. Our well trained and skilled artisans help us in manufacturing quality gold jewellery. While majority of our products are manufactured in-house, we have also established a network of external skilled artisans to whom we outsource as per the requirements of the Company. Our certain offerings for our retail showroom are also acquired directly from other vendors on a trading basis.

Pooja Omkar Acharya

Pooja Omkar Acharya, aged thirty-one (31) years is a Non-Executive Independent Director of our Company since January 27, 2023. She holds a degree of Bachelor of Science and also holds a degree of Bachelor of Laws from Gujarat University. She also holds a degree of Master of Science in Biotechnology from NIMS University. She is a licensed advocate with the Bar Council of India and Gujarat, along with being a registered patents agent & registered trademarks agent. She has over seven (7) years of experience in patent litigation and IP rights enforcement. Presently she is associated with “H K Acharya & Company” as an Advocate.

Dhaval Rajendrabhai Shah

Dhaval Rajendrabhai Shah, aged forty-one (41) years is a Non-Executive Independent Director of our Company since January 27, 2023. He holds a degree of Bachelor of Commerce also holds a degree of Bachelor of Laws from Gujarat University. He is a fellow member of the Institute of Chartered Accountants of India and is also a Chartered Financial Analyst. He has over sixteen (16) years of experience in the field of credit and risk management, relationship management, corporate banking, investment banking, stressed asset management, credit rating, accounting, audit etc. Prior to joining our Company, he has been associated with ICICI Bank, Citi Bank, CARE Ratings and Reliance Communications. He is presently associated with Zodiac Energy Limited, VDCAP Finserv Private Limited and VDCAP Advisiors Private Limited as a Director and associated with Shambhu Solar Projects LLP and Sharanam Solar Projects LLP as a Designated Partner.

Nirupa Kiran Bhatt

Nirupa Kiran Bhatt, aged sixty-nine (69) years is a Non-Executive Independent Director our Company since May 20, 2023. She holds a degree of Bachelors of Science from University of Bombay. She has over forty-nine (49) years of total experience out of which thirty-four (34) years of experience is in the jewellery industry. Prior to joining our Company, she was associated with Argyle Diamonds Sales and Rio Tinto Diamonds India, GIA India Laboratory Private Limited and All India Gems and Jewellery Trade Federation. Presently she is also associated with Alta Leasing and Finance Limited, the Gem and Jewellery Skill Council of India and Alta Laboratories Limited as a Director and she is also the proprietor of the firm ‘nbAdvisory’.

Jitendra Pratap Singh

Jitendra Pratap Singh, aged sixty-two (62) yearsis a Non-Executive Independent Director of our Company since January 27, 2023. He holds a degree of Bachelor of Science from Kanpur University and also holds Master of Business Administration degree from University of Delhi. He has over thirty-five (35) years of experience in managing banking, spread across retail banking, business banking, SME business, commercial banking, products, processes, operations and risk management. Prior to joining our Company, he was associated with Axis Bank Limited and State Bank of Bikaner and Jaipur.

Harit Rajendrakumar Zaveri

Harit Rajendrakumar Zaveri, aged thirty-four (34) years is the Promoter and the Joint Managing Director of our Company. He holds diplomas in graduate gemologist, graduate diamonds and graduate-colored stones from the Gemological Institute of America. Being our Promoter, he has been associated with our Company since our incorporation and has established a retail division of our Company under the name of “Harit Zaveri Jewellers” in 2014. He has over seventeen (17) years of experience in jewellery industry and has contributed to the growth of our Company. Presently, he is also a Karta of Harit Rajendrakumar Zaveri- HUF.

Rajendrakumar Kantilal Zaveri

Rajendrakumar Kantilal Zaveri, aged sixty (61) yearsis the Promoter and the Chairman & Managing Director of our Company. Being our Promoter, he has been associated with our Company since our incorporation. He holds a degree in Bachelor of Commerce from Gujarat University. He has thirty-five (35) years of experience in manufacturing and trading of gold jewellery. Prior to the incorporation of our Company, he was associated with ‘Bababhai Hargovandas Zaveri’ as one of the Partner from April 01, 1992 till April 15, 2004 and he was also sole proprietor of a firm namely ‘Rajubhai Bababhai Zaveri’ from 2004 till 2011. He was awarded an appreciation award by Jewellers Association Ahmedabad, Gujarat in the year 2018. Presently, he is also a Karta of Rajendrakumar Kantilal Zaveri-HUF.