PNN
Mumbai (Maharashtra) [India], February 24: Utssav CZ Gold Jewels Limited (Utssav, The Company), (NSE Code: UTSSAV) one of the leading manufacturers of 18K, 20K, and 22K CZ gold, plain gold, gold & diamond jewellery has received approval from its Board of Directors for incorporation of a wholly-owned subsidiary in the United Arab Emirates, with full ownership and control. The initial capital will be infused through cash consideration to expand its core jewellery business internationally.
The proposed incorporation of the subsidiary in Dubai will providethe Company with a strategic presence in a globally recognized gold and diamond trading hub. This move will enable the Company to directly showcase its jewellery collections to international customers and strengthens its participation in overseas markets through a structured on-ground presence.
This strategic expansion is expected to support geographic revenue diversification, strengthen global brand positioning, and enhance access to international trade networks. The subsidiary will facilitate stronger distribution linkages, improved export coordination, and sustained international market penetration, thereby contributing to scalable growth and long-term value creation for the Company.
Commenting on the development, Mr. Pankajkumar Jagawat, Managing Director of UtssavCZ Gold Jewels Limited said, "We are pleased to announce that the Company has received approval from its Board of Directors for the incorporation of our wholly-owned subsidiary in the United Arab Emirates, marking a significant step in our global expansion journey. The proposed establishment of our presence in Dubai, a key international gold and diamond trading hub, aligns with our long-term vision of strengthening our international footprint and expanding our access to global markets.
We believe this initiative will provide a strong platform to showcase our premium jewellery collections to a wider international audience, enhance brand visibility, and deepen engagement with overseas customers. We remain committed to building a robust global distribution network and leveraging international trade opportunities to drive sustainable growth and create long-term value for our stakeholders."
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