AJC Jewel Manufacturers' Subsidiary Expands Retail Footprint with Third Esthara Jewels Showroom in Kerala

VMPL
Malappuram (Kerala) [India], July 16: AJC Jewel Manufacturers Ltd. (BSE: 544425), a leading integrated B2B jewellery manufacturing and technology-driven platform, today announced that its wholly owned subsidiary, Esthara Jewels Private Limited, has commenced operations of its third retail showroom at Market City Mall, Perinthalmanna, Malappuram District, Kerala. The showroom, inaugurated on July 12, 2026, will retail an extensive range of silver jewellery and marks another milestone in the Company's strategy to expand its direct-to-consumer retail footprint.

Esthara Jewels has been positioned as AJC's dedicated consumer-facing silver jewellery brand, offering an extensive portfolio of 925 sterling silver and gold-plated silver jewellery designed for everyday wear and contemporary lifestyles. The latest expansion further strengthens Esthara Jewels' presence across Kerala, enhancing customer accessibility in one of the Company's key operating markets. The continued rollout of company-owned retail outlets complements AJC's established jewellery manufacturing business by deepening consumer engagement, strengthening brand visibility and supporting a scalable omnichannel growth strategy.

Industry Context
India's organised jewellery retail industry continues to benefit from favourable structural trends, including rising disposable incomes, increasing consumer preference for branded jewellery and deeper retail penetration across Tier II and Tier III cities. According to IMARC Group, the Indian gems and jewellery market was valued at USD 105.8 billion in 2025 and is projected to reach USD 231.9 billion by 2034, growing at a CAGR of 8.83%. CareEdge Research estimates that silver jewellery accounts for nearly 5% of the market by material type, highlighting the long-term opportunity for organised retail players.
Against this backdrop, AJC continues to strengthen Esthara Jewels as its dedicated consumer-facing silver jewellery brand, complementing its integrated manufacturing capabilities while expanding its participation across the jewellery value chain.

Management Commentary
Mr. Ashraf P, Chairman & Managing Director of AJC Jewel Manufacturers Ltd., commented:
"The opening of our third Esthara Jewels showroom represents another important milestone in our strategy to build a stronger consumer retail presence through carefully selected locations with attractive long-term demand potential. Expanding our retail footprint allows us to improve customer accessibility while further strengthening the visibility and reach of the Esthara Jewels brand.
India's organised silver jewellery market continues to benefit from increasing consumer preference for branded products, greater transparency and evolving lifestyle trends. We believe these structural industry tailwinds provide a favourable environment to steadily expand our retail network while strengthening direct customer relationships.
Our retail expansion strategy complements AJC's integrated jewellery manufacturing platform by creating additional avenues for growth across both our B2B and consumer businesses. We remain focused on disciplined execution, network expansion and operational excellence to create sustainable long-term value for all stakeholders."
Growth Outlook
Management remains focused on:
- Expanding the Esthara Jewels retail network across strategically selected locations.
- Strengthening its integrated manufacturing and consumer retail ecosystem.
- Enhancing customer reach through a scalable omnichannel strategy.
- Building long-term brand visibility while driving sustainable growth through disciplined expansion.
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