Khazanchi Jewellers Limited (543953) Earnings Call Transcript
November 19, 2025
Earnings Call Speaker Segments
Ladies and gentlemen, good day, and welcome to the Khazanchi Jewellers Limited Q2 H1 FY '26 Results Conference Call hosted by Kirin Advisors Private Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Harshil Ghanshyani from Kirin Advisors for his opening remarks. Thank you, and over to you, sir.
Yes. On behalf of Kirin Advisors, I welcome you all on the conference call of Khazanchi Jewellers Limited for Q2 and H1 FY 26. From the management team, we have Mr. Rajesh Mehta, our Chairman and Joint Managing Director; and Mr. Vikas Mehta, Chief Financial Officer. Now I hand over the call to Mr. Rajesh Mehta. Over to you, sir.
Thank you, Harshil. Good evening, everyone, and thank you for joining us today. It's my pleasure to present an update on Khazanchi Jewellers operational and financial performance for the first half of FY '26. A brief about the company. Since our inception in 1971, Khazanchi Jewellers has been synonymous with craftsmanship, purity and design excellence. Over the past 5 decades, we have built a strong presence across both wholesale and retail segments. Our BIS Hallmark certification, recognition as an authorized dealer on the India International Bullion Exchange and our BSE SME listing in August 2023 underscore our commitment to quality, transparency, sustainable value creation. Business and strategic update. The first half of FY '26 was characterized by steady broad-based growth. We strengthened our operational foundation, expanded our customer reach and continue to differentiate through design-led offering across both business verticals. One of the vertical is B2B wholesale business. Our wholesale segment delivered healthy performance supported by consistent order inflow from leading jewelry houses, distributors and retailers across India. Institutional demand remains robust, aided by the accelerating shift towards organized player and the growing preference to BIS Hallmark jewelry. A major highlight was the significant expansion of our B2B customer base, which has reached 2,000 active customers. This strong growth reflects the increased acceptance of our design capabilities, dependable fulfillment and customer-centric approach. Our design strength and efficient distribution network enabled us to execute large volume orders with precision and timely delivery, further reinforcing our leadership position in the wholesale gold jewelry segment. Now another leg retail business. Our B2C vertical continued to perform steadily, driven by our own flagship showroom in Sowcarpet, Chennai. This outlet remains central to our brand visibility, customer engagement and retail-led demand. I would be happy to make you all know that the Puja for our upcoming 10,000 square feet large-format showroom in Chennai is scheduled for 12th December 2025, followed by a grand launch in mid-January 2026, coinciding with the Pongal festival season. This showroom represents a major strategic milestone and is expected to contribute approximately INR 550 crores annually to the top line in upcoming years, along with meaningful improvement in profitability given the high-margin profile of B2C operation. Starting FY '26, we expect the B2C contribution to raise from current single-digit level to approximately 20% to 25%, significantly strengthening blended margins and driving a structurally enhanced earnings profile. Expansion into diamonds as we have introduced our brand Vajraa during the period, our premium natural diamond jewelry line features lightweight contemporary design tailored to evolving customer preferences. Vajraa received exceptional traction as it debuted during the German Jewelry Fair 2025, which we secured an impressive order book within just 1 month. This validates our design leadership and position us strongly within a high-value, structurally margin accretive category. Or new product segment. Refined silver jewelry market in India continued to expand, driven by affordability, contemporary design and strong youth-led demand. To capture this opportunity, we are planning to foray in coming quarters, a dedicated fine silver jewelry line featuring modern lightweight collection. This initiative will deepen our presence across both retail and wholesale channels and further diversify our product architecture. Now coming to the digital transformation, we are making steady progress in strengthening our digital backbone. Our key initiatives include implementation of an advanced ERP system for end-to-end integration, adoptation of intelligent inventory replenishment tool for improving stock efficiency, investments in strengthening e-commerce and digital engagement platform to enhance customer reach. These initiatives will support scalable growth, better operating discipline and improved working capital efficiency. Now our CFO, Vikas Mehta, will represent the key financials. Thank you.
Thank you. Good afternoon, everyone, and thank you for joining us. I am pleased to share the strong financial performance for Q2 and H1 FY '26. Q2 FY '26 revenue, INR 548.92 crores, up by 46.25 percentage year-on-year. EBITDA, INR 32.62 crores, up by 112.86 percentage year-on-year. EBITDA margin, 5.94 percentage expanding 186 bps year-on-year. PAT, INR 23.54 crores, up by 19.41 percentage year-on-year. EPS, 9.52, up by 118.35 percentage year-on-year. Q2 reflects strong operating leverage, better product mix and consistent across the business segment. H1 FY '26 revenue, INR 952.76 crores, up by 25.94 percentage year-on-year. EBITDA INR 53.78 crores, up by 86.81 percentage year-on-year. EBITDA margin, 5.64 percentage expanding 184 bps year-on-year. PAT, INR 38.70 crores, up by 93.66 percentage year-on-year. EPS, 15.64 percentage, up by 93.56 percentage year-on-year. H1 performance highlights the discipline growth, higher inventory efficiency and increased contribution from premium categories. Forward-looking, as we entered the second half of the year, our focus remains on executing initiatives that enhances sales strengthen the margin and improve the capital efficiency. The expansion of our retail footprint, continued momentum in designing lead category and planned introductions of the new product line posting up for the sustainable performance. We remain committed to enhance shareholders' value through disciplined financial management and prudent capital allocation, strong corporate governance and transparency, and compliances continue to guidance our business as we.
Ladies and gentlemen, the line for the management has been disconnected. Please stay connected. I'm reconnecting the line.
Am I audible?
Yes, you are audible now.
Yes, sir. Coming to the closing statement. In closing, FY '26 has begun on a strong note with a broader-based growth, expanding market reach and meaningful progress across the strategic initiative with the strengthened business model, a growing customer base and the clear margin accretive road map, we are confident on delivering the sustainability and the profitable growth in the year ahead. We deeply appreciate the trust and support of our shareholders customers, partners and employees. With these remarks, we now open the floor for Q&A.
[Operator Instructions] Our first question comes from the line of Aditi Roy from Patel Advisors Private Limited.
I have a couple of questions with me. First, I want to know how do margins differ across the 3 segments like wholesale, retail and Bullion?
You want the 3 details of the margins of various segments, right?
Yes, correct, sir.
Yes. Full year, we are operating at a margin of 1% to 1.5%. And B2B gold ornaments, we are operating around 4.5% to 5%. And the retail segment is facing margins of 9% to 10%.
Okay. And sir, wholesale require a strong inventory turnover. So how do you manage inventory days and the working capital cycle?
That's what as on requirement, the working capital is what they say as we orders. And based on that, the raw material is sent for the manufacturing and simultaneously as per the requirement of particular varieties of ornament. It is manufactured and the cycle rolls accordingly.
And sir, are you exploring any institutional audits like large chains or stores or beyond your existing 1,000 B2B brands?
Yes, we are expanding towards the various multi-branch -- the business group. And we are expanding all to the diversified clients all over South India, and we are adding up clients pan-India also.
Okay, sir. And what percent of wholesale revenue is from B2B clients longstanding?
I couldn't get you. What is the ratio of business with B2B and B2C, you are asking that?
Yes, sir.
Yes. We have been between 90% to 95% -- in between 90% is of B2B and 10% is of B2C segment.
Our next question comes from the line of Arpan Kothari from Nine15 Fintech Services.
Yes. Congratulations on the great set of numbers. My question is on the volume. If you see year-on-year growth in terms of volume, it has been flattish, considering the dollar and the gold prices in INR. And also on Q-on-Q, it has been around 18% to 20%. Are the numbers correct?
Yes, numbers are perfectly correct, but there is a reduction in the -- or the low-margin segment as the bullion sales has been reduced and the ornament sales and B2B ornament sales have improved. That's what the final PAT margins have improved and EBITDA have improved.
Okay. The next question is on the new showrooms inventory. You raised INR 20 crores in 2023 for the inventory cost. But the prices have almost doubled from 2023 to today. So how are you going to manage the inventory? Are you going to reduce the inventory? Or are you going to fund it internally?
It is already funded internally, and we are comfort on the inventory zone, and we are going to operate it with the current inventory and going to open the new showroom also. And on the further expansion, if anything is required, management will decide accordingly.
Okay. So what would be the inventory cost right now for the new showroom that you have kept aside?
That's -- roughly, we are planning somewhere around INR 150 crores of inventory for the new store.
And that will be funded by internal accruals.
Yes, yes, yes.
Our next question comes from the line of target from Athar Syed from [ Smart Science Services. ]
Athar Syed from Smart Science Services. I have some questions like -- hello? Yes. So like I have question on the...
Louder, please.
Yes. Hello?
Mr. Syed, if you're using Bluetooth, can you remove the Bluetooth and speak because there are a lot of background noises coming.
Okay. Now am I audible?
That's loud.
Better.
Yes. Okay. So sir, I have a question on this, like higher gold prices have impacted sales of every other listed jewelry companies. And sales have only marginally increased from the same quarter year before even during festive season. So will this trend of low demand in jewelry will continue for further quarters due to high gold prices?
No, the prices have increased. And because it has taken a period of time of nearly 2 to 2.5 months have gone, the prices have increased. And slowly, the prices are being digested into the consumers thing. So we are expecting better even the October month was better, and we are expecting a better quarter upcoming.
Okay, sir. And another question is just like -- sir, what is the reason for increasing our short-term provision in this quarter?
So as for the demand for October sales was very good, and we have got stocks on a credit basis from the credit. So the short terms have been increased. And on the upcoming days, it has been neutralized.
Okay. And sir, when we will expect this 10,000 square foot showroom will be operational since 2 quarters, you are saying it will operate and I...
We are very glad to inform you that on 12th of December, we are having an Puja for opening of the showroom and the operation will start in the second -- from second week, that is Pongal season, which is a prime season. The operation will start for the new showroom.
Okay. So operation will start in Pongal?
Yes.
Okay. And sir, like is there any seasonality in our business?
No. As in the South segment already previously, I have defined that all the season has been uniformly divided in the 4 segment also as the first quarter has an [ Akshyayipa ]. Second quarter, we have got various festival seasons and third quarter, we have got Diwali and marriage season. And from fourth quarter, we have Pongal. So all the 4 quarters are equally divided. Mostly every quarter works good.
Okay, sir. And 1 last question on this, like, what are the measures we are taking apart from entering into lighter weight jewelry as there is a huge volatility in gold prices. So what are the measures we are taking?
That's what -- since we are into the refilling segment and as we sell gold, we repurchase it. And we are introducing various other jewelry along with the lightweight jewelry, fusion jewelry and all minimal jewelry also as per the rate increases and as per the customers' ticket size, we have been approaching on various different type of products. And we are fulfilling the requirement. And as you see on the results, we have improved on the ornaments sales in this quarter also. This shows that our product and our creativity have always been accepted into the market widely. So we are working on it, and we are in touch with the market requirement.
And sir, 90% revenue comes from B2B segment. So out of the 90% segment, B2B segment, how much revenue comes from bullion segment?
So overall, that's what the bullion contributes around 25% of the total volume.
25%. Okay. Got it.
Our next question comes from the line of Vishal Shah, an individual investor.
Congratulations to the entire team of Khazanchi on excellent numbers. Sorry, am I audible?
Yes, sir. Yes, sir. If you could be a little louder, it would be better.
Yes, sir. Is that better?
Yes, yes.
Okay. Sir, for the second half, what would be the top line guidance and the margin guidance?
Better than this. We are expecting a better margin as we are going to add up what they say, a few months of sales for the new retail showroom also. So since that is a better margin segment, that is going to add up an additional bottom line. And the top line is going to grow as demand is good and every festival season is there and upcoming, what they say, post Pongal marriage seasons are there in South India. So we are expecting a better H2.
Okay. Sir, 1 more question. So besides Tamil Nadu, are there any plans to expand to any other states as well...
Initially, since our company's base stands strong in the South region in Tamil Nadu. So our initial expansion plans are here in South India only. And later on, on a later stage, we may even expand geographic to the northern part also.
Sir, and how is the response to the lab-grown diamonds?
Lab grown diamonds are -- the demand is a little less because in that lab-grown diamonds, solitaires demand is better. And here in the South, people prefer natural diamonds only.
Our next question comes from the line of [indiscernible] from Three Head Capital.
Hello. Hope I am audible. Congratulations for a good set of number. Sir, can you hear me?
Yes, yes. Go through.
Sir, can you repeat our retail segment margin one more time? Sorry, I missed that.
Segment margins you are talking about?
Sir, only retail segment margin.
Retail segment margin.
Yes.
Yes. Currently, we are operating retail segment margin of 9% to 10%. In the upcoming stores since we are going to add premium jewelry and all, so the margins are going to improve. We are expecting somewhere around 12% to 13%.
12% to 13%, we are expecting. Okay. Okay. What is our current quarter volume growth?
Yes, current quarter, we have -- the top line we have reached is INR 952 crores.
Sorry, sir, volume growth. Sir, I wanted to understand volume growth.
Volume in the quantum segment you say?
Yes, yes. quantity.
Quantity-wise, we have grown by 11%.
11%. We are reducing our bullion sale, okay?
Yes, yes, yes.
Sir, one confirmation question from my side. After the quarter -- new showroom operationalized, our B2C revenue mix will be 25%. Are you targeting?
Yes. The upcoming years, we are going to reach the overall sale of our B2C sales of 20% to 25%, yes.
But sir, after the bullion mix will be reducing automatic B2C sale will be improved. Am I right?
It's an overall whatever the top line we achieved since the bullion sales is gradually, we are reducing it, and we are focusing on higher-margin segments and jewelry. So overall, in the upcoming years, our retail share would be somewhere around 20% to 25% in the total top line.
20% to 25% , we are targeting.
Our next question comes from the line of Riya Shah from Orient Capital.
Hello. Yes, a few questions. The Vajraa Diamond line was launched recently. What traction have you seen in Q2 and H1 FY '23?
Yes. We have launched our brand, Vajraa Diamond. The demand is good, and it has been accepted by major of the B2B clients. It is a natural diamond brand. In the South India natural diamond is preferable rather than lab grown.
Okay. And what percentage of your sales mix do you aim for diamonds over the next 2 to 3 years?
Over the upcoming 2 to 3 years, we are expecting diamond sales to be a part of around total top line somewhere around 5% to 10%.
And how do diamond margins compare against gold margin?
Overall diamond jewelry margins are better than the gold jewelry margin. Diamond jewelry margins work around for B2B segment, it works around somewhere around 10% to 12%. And for the retail segment, it is somewhere around 16% to 18%.
Okay. I have few more questions. Do you plan to introduce solitaire certified diamond lines or [indiscernible] diamond capsule to drive younger customers?
Yes. In natural diamonds, we will be operating with any requirements of solitaire also we can fulfill. And that lab-grown diamonds demand is slow. So we are not working on that. We are working on natural diamonds only.
One last question will Vajraa Diamonds be a separate retail identity in the future?
Yes, we are promoting with Khazanchi Jewellers now. On a later stage, we are on the plan that we are going to expand it into a separate brand.
Our next question comes from the line of Sanjay Abar, an individual investor.
Hello?
Yes.
Yes, sir. Related to share price of the company. It's nearly trading 750 and lots of 250 shares, okay? Okay. I say retail small investors, many people are not able to invest in company. So do we have any plan related to this like stock split or bonus. So can a small investor in invested income growth?
Since we are into the SME segment, it is a lot size trading only. And on a future date, we will plan so that even retail investors put in that.
Yes, so it's easily available for retail or small investor.
Yes, the exchange permits in [indiscernible] is only for SME segment.
Our next question comes from the line of Mahesh Sid from VY Capital. Mr. Sid, you may proceed ahead with the question. As there are no response from the participant, we'll move forward to the next participant. Our next question comes from the line of Priya Jain from Green Capital.
Yes, am I audible?
Yes, Priya, you are.
Sir, your inventory increase, I guess, INR 200 crores to INR 257 crores or 258 crores in FY '25. What are the optimal inventory level for last cycle?
Already, our inventory turnover ratio is very good as per the requirement and as per the market demand we manufacture goods, and we will maintain our inventory cycle in a very positive thing.
Are there plans to digitalize inventory management further for real-time visibility?
Yes, that's what I already defined since we are implementing various ERP systems and end-to-end integration and intelligent inventory replacement tools also to improve our stock efficiency and better inventory cycle.
Okay. And what is the average inventory turnover in gold versus diamond?
Diamond, the inventory cycle is somewhere around 180 days. And for gold, it is 50 to 60 days.
Okay. And sir, what bullion contributing to revenue, how do you manage bullion procurement or versus jewelry [ SQ ] procurement?
So bullion procurement, we actually purchased bullions from banks and other sources where it is effectively available price-wise where competitive is available. We manufacture on the regular basis, whatever the designs are required by B2B client.
Okay. And 1 last question, so just to understand how do we hedge gold and [indiscernible] during the procurement cycle?
Regarding gold pricing, we use a methodology of replacing whatever we sell, we buy it back. At present, our operations primarily follow a replacement-driven model where stock sold is replaced on an ongoing basis. As we sell, we buy it. That is the policy what we follow. We also continue to evaluate structural hedging mechanism to manage gold prices volatility more efficiently and place a clear transparent hedging policy so that our price margins are not impact our margins.
Our next question comes from the line of Mahesh Dash from [ BY Capital ].
Can you hear me?
Yes, we can hear you.
Yes. So like the upcoming 10,000 square foot flagship showroom at NSE, which is a major expansion. So like what ROI and payback period do we expect from this?
Hello.
Hello? Can you hear me?
That's what we are going to start up with a new showroom with an inventory of INR 150 crores, and we are expecting in the upcoming years, not initially in the upcoming years, we are expecting annual revenue of somewhere around INR 550 crores to INR 600 crores out of that store. So it is going to be a better ROE. And since it is a retail segment, the margins are somewhere around better than somewhere 11% to 13%.
Okay. So INR 550 crores to INR 600 crores revenue from this showroom alone that is equal to 13% margin, right?
Yes. Not initially in upcoming years, maybe by 2027.
Okay. So a year after that. Okay. And like what is strategic rationale behind choosing sowcarpet again for flagship stores, given your existing presence there?
Yes, we are here from past nearly 5 decades. Our firm has been working here. And we are having a small store here already, which is going very good, and there is a huge potential in this area, and we are well known here. So we thought of starting up the showroom, and we are very optimistic about it.
Okay. So good Okay. And so how do you differentiate between this 1,200 square feet current showroom experience and the upcoming large format showroom?
I couldn't get you.
Like I just wanted to know like how do you differentiate the store experience. The current one and the new large format?
The current store, we are creating the new store with all the facility and all the requirements of the customer with car parking and what they say, all nice ambience and good collection and premium jewelry. So all that we are adding up. We have a good footfall, yes, in the existing store also. So this is going to give an added customer band.
Okay. Got it. And 1 more question regarding this. So like this store will carry any exclusive product line for any high-margin collections, specific for the store only, something planned like that?
That's what we have when all varieties rates, which are of high margins like Kundan, Jadau, Polki, Diamond, all that is going to be collections at the new store. And all gemstones, jewelry, everything would be there. Since it is a bigger size store, it is going to cater all type of customers.
Our next question comes from the line of [ Subhanu from Triad Capital. ]
Hello?
Yes, sir.
Yes. Sir, our current retail margin around 9% to 10%. We are targeting 12% to 13% for next couple of years after the new store operationalized fully. What time line we are targeting for that?
That's what anyway, we are going to open up the showroom in next quarter, and that is initially, it is going to add contribution to the overall retail sales with an improved margin.
22% to 25% retail mix in the long run. Any specific time line?
That's what initially the management have focused to reach that by 2027, FY '27.
FY '27, we are targeting to achieve that 23% to 25% retail.
Yes, 30% to 35%, yes.
Okay. Sir, what is -- in Q2, our -- my second question is in Q2, our volume growth around 11%. In H1, what is our volume growth?
I couldn't get you, sir, your voice is [ back lifting.]
Sorry, sir for that, it's good right now?
Yes, yes, simply louder please.
Sir, in H1, what is our volume growth in H1?
H1? [indiscernible] we have grown -- volume-wise, we've grown by 11%. As we have reduced our bullion sales, the top line shows that but volume-wise, ornament volume-wise, we have grown by 11% to 12%.
Including bullion reduction in H1, our volume was around 11%.
Yes, yes.
What is our target in FY '26?
FY '26, our top line would be somewhere around -- as things goes good, we would be reaching somewhere around INR 2,000-plus crores.
In terms of revenue growth. Okay. What is our volume growth?
Yes. We're making a reduction in the bullion, our volume growth will be improving, usually better than Q1 and Q2.
Reduction in bullion, our volume growth will be improving?
So, we are focusing on in higher-margin segments. We are giving B2B sales -- for ornament sales, we are improving.
Any specific volume growth guidance sir? In terms of volume growth. In terms of volume growth.
So the ornament volume, since we have achieved in H1, we have -- our volumes have increased by 12%, and it would be going to be better in H2.
I guess there is a problem with his connection. Mr. [indiscernible], can you hear us? Mr. [indiscernible], if you can hear us, please response. As there are no response from [indiscernible] we will move on with the next participant. Our next question comes from the line of [ Ishita sain from Urban Asper Consultants. ]
Yes. Sir, like what is the specific differentiation strategy between the Khazanchi brand and the newly launched Vajraa Diamonds by Khazanchi?
Vajraa diamond it is a brand of Khazanchi Jewellers, which is representing spending diamond jewelry under the banner of Khazanchi. It's a brand which is created for the proportion of natural diamond.
So like with over 50 designs in the library, how do you ensure design consistently while meeting evolving customer preferences?
So day-to-day basis, as per the requirement of the clients, we are evolving designs. As per the market demand, we are creating new designs. And as the prices are increasing, we are primarily focusing on minimal jewelry also. And with for a bigger size segment for marriage customers and all, we are having traditional jewelry and everything we are working on it.
Okay. So how do you balance traditional reading of festive jewelry with modern lightweight and daily wear categories?
We have stock of all type of goods based on the demand and based on the seasonal requirement, we make a shift in the quantum of those type of jewelry.
Okay. So like what is your blueprint for becoming a premium designed house in the next 5 years.
Since we have a very long legacy of designing products and our product has been widely accepted all over the market, and it is like by both the segments, B2B and B2C. And we have an internal team who has been working on the designs always. So on a longer run, our design library is going to expand, and we are going to improve our top line based on that. In the upcoming 5 years, there would be a huge growth for our design acceptance.
So do you foresee brand ambassadors or partnership or celebrity-led campaigns for Vajraa?
We have not made any specific brand for --- brand ambassadors for that. And we will, if anything, required, and we will decide accordingly.
Okay. So like how do you ensure gold priority compliance at BIS across all products consistently?
Yes, we have a quality check department. We will -- we check the quality of all the products and QC is done and primaries and it is defined by the BIS standards only. All products are manufactured as per the BIS standard, and it is quality certified by the authorized Hallmark Center.
Okay. So how do you plan to balance growth between retail expansion and strengthening wholesale?
Yes. We have been working for a long period of time in both the segments. And as per the B2B requirements, we are producing products and B2C requirements also, we are expanding it. And we are, what they say, all type of products, which are on a day-to-day basis as for the B2B market, we have been understanding their requirements. We are producing those type of products. And for B2C requirements also, we have a huge design library, which is helping us to improve on both the segments.
Our next question comes from the line of [ Vinod Shah from VS Ventures. ]
Can you hear me?
Yes, sir.
Yes. What percentage of our customers are like repeat customers?
Repeat customers in the segment, what you are talking about B2B or B2C?
B2B, sir.
B2B, we have -- what you say in past 3 years data, if you take, we have 1,000-plus clients who have been working with us. And most of the clients are repetitive. Yes, there is a possibility that 5% customers do not continue, but major of the customers continue with us as we have a long legacy of our designs and products.
Okay, sir. And sir, in Tamil Nadu, like do you see any high growth potential in future expansion for like Tier 2 and Tier 3 cities, like what kind of market we are looking at?
Yes. Tamil Nadu has a high potential place for the gold jewelry ornaments. And the demand for diamond jewelry is also improving now as the youngsters are preferring for purchasing of diamond. So we do have plans of expansion. This will be defined as and when the management decides about it.
Okay. So are we planning to open stores over there also?
Yes, sure.
Okay. Okay. And sir, what is our like sourcing strategy for loose diamonds and certification?
Loose diamonds, actually, we procure it -- we purchase both type of, finished jewelry also we purchase and we purchase loose diamonds also. And for the quality tech, we have an internal team that is checking up the quality of the diamonds. And for the finished jewelry, we rely on IGI-certified diamonds and GI certified. And we purchase procure diamonds from site holders, specified site holders who are very -- what they say, supply very precise and quality diamonds.
Okay. Okay, sir. And sir, do you see like in the e-commerce channel, do you see any high-value curated pieces? Like how is demand over there in e-commerce.
So you are talking about the demand for diamond, high-value diamond?
Yes, yes. Yes, yes. The websites we have.
Yes, we got -- we have demand for solitaire also. We procure it from an authorized site holders. That's what we procure it from the site holders and 35 diamonds only when higher quality diamonds are only sold here. So we procure it as per the customer requirement and satisfy that
[Operator Instructions] Ladies and gentlemen, as there are no further questions from the participants, I would like to hand the conference over to Mr. Harshil Ghanshyani for closing comments. Thank you, and over to you, sir.
Thank you, everyone, for joining the conference call of Khazanchi Jewellers Limited. If you have any queries, you can write us a research@kirinadvisors.com Once again, thank you, everyone, for joining the conference call.
Thank you so much. Thank you, everyone.
Thank you, Harshil. On behalf of Kirin Advisors Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.
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