Kiran Gems, a leading player in the jewelry industry, specializing in the production of diamonds and precious stones, has made the decision to cease operations in Surat and relocate to Mumbai. This move comes as a substantial setback for the ambitious project, occurring barely a month after Prime Minister Narendra Modi inaugurated the Surat Diamond Bourse (SDB) with aspirations of elevating it into India’s diamond capital.
It was learned that they shifted their business base to Mumbai on Monday. However, when we tried reaching out to them, they were unavailable for a statement.
Relocates from Surat to Mumbai
Two months ago, Kiran Gems shared a video on their LinkedIn platform showcasing their Trading Hub at the Surat Diamond Bourse. The caption read, "Welcome to the headquarters of the world's largest manufacturers of natural diamonds, Kiran Gems , at the world's largest diamond trading hub, Surat Diamond Bourse."
Here are some key details about the company:
About the company
Incorporated on September 14, 2007, Kiran Gems Private Limited is an unlisted private company operating in the heart of Mumbai, Maharashtra.
With a registered capital of Rs 71 crore and a paid-up capital of Rs 20.98 crore, the company is classified as a private limited organization. Generating a whopping revenue of over Rs 500 crore in the fiscal year 2021, Kiran Gems specializes in the production of jewelry, diamonds, and precious stones.
Two months ago, Kiran Gems shared a video on their LinkedIn platform showcasing their Trading Hub at the Surat Diamond Bourse. The caption read, "Welcome to the headquarters of the world's largest manufacturers of natural diamonds, Kiran Gems , at the world's largest diamond trading hub, Surat Diamond Bourse."
Ownership and Operations
Kiran Gems was founded by Vallabhbhai Patel and played a pivotal role in establishing and developing the company, contributing to its growth into one of the world's largest manufacturers of diamonds.
The company currently has four directors and one reported key management personnel. Among the longest-serving directors are Vallabhbhai Shamjibhai Patel and Mavjibhai Shamjibhai Patel, both appointed on September 14, 2007, and having served on the board for over 16 years.
The most recent additions to the board are Babubhai Shamjibhai Lakhani and Dinesh Mavjibhai Lakhani, appointed on September 18, 2007.
Mavjibhai Shamjibhai Patel holds the highest number of other directorships, holding positions in a total of five companies. Collectively, the company is associated with eight other companies through its directors.
Financial performances
In the fiscal year 2021, Kiran Gems had an operating revenue of over Rs 500 crore and their EBITDA reported a remarkable surge of 101.78 per cent. Their net worth also saw a healthy climb of 16.11 per cent in that same time frame.
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