Goldiam International Ltd (NSE: GOLDIAM) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Rashesh M. Bhansali — Executive Chairman
Anmol Rashesh Bhansali — Whole-time Director
Analysts:
Unidentified Participant
Rahul Dani — Analyst
Dixit Doshi — Analyst
Ankush Agrawal — Analyst
Khush Shah — Analyst
Smith Gala — Analyst
Anubhav Mukherjee — Analyst
Yash Bajaj — Analyst
Kunal Bhatia — Analyst
Harshit Singhi — Analyst
Vidhi Kothari — Analyst
Deepak Pandey — Analyst
Rishabh Malik — Analyst
Jogansh Jeswani — Analyst
Ajay Surya — Analyst
Presentation:
operator
Good day and welcome to The Golden International QC and FY26 earnings conference call hosted by Monarch Net Worth Capital Limited. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and invertebrates and earth entities that are fickle to predict. As a reminder, all participants lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation. Should you need assistance during the conference call, please signal an operator by pressing Star and zero on attached phone.
Please note that this conference is being recorded. I would now hand the conference over to Mr. Rahul Dhani from Monarch Network Capital Limited. Thank you. And over to you sir.
Rahul Dani — Analyst
Yes, thank you. Musk. Good afternoon everyone. On behalf of Monarch Network Capital, we’re. Delighted to host the senior management of Goldiam International. We have with us Mr. Rashesh Bhansali, Executive Executive Chairman. And we have Anmol Bansali, Managing Director of the company. We will start the call from opening. Remarks on management and then move to Q and A. Thank you. And over to you Sir.
Rashesh M. Bhansali — Executive Chairman
Thank you. Rahul. Good afternoon and welcome to Goldiam Journeys call for the quarter and nine months ended 31st December 2025. I would like to thank MONAD team for hosting this call. I am pleased to inform that Goldiam has reported strong overall performance and the Board of Directors of the company have declared their first interim dividend at the rate of rupees two rupees and seventy five paisa I.e. 137.50% per equity share of face value of rupees two each. Passive demand in the US during Q3 helped Goldian post consolidated revenue growth of 18%. Consolidated revenues for the first nine months of FY 2026 at rupees 7773.4 million grew by 30%.
EBITDA for Q3 at rupees 908 million grew by 28.2% with EBITDA margin of 26.7%. EBITDA for nine months at rupees 18,53 million grew by 32.7% with EBITDA margin of 23.8%. Consolidated PAT for Q3 at rupees 684 million and for nine months at rupees 13,33.6 million grew by 37% and 42% respectively. Cash and cash equivalent including investments were at 5041.3 million as on 12-31-2025. Lab grown diamond jewelry exports contributed to 90.5% to the overall export sales mix during Q3 FY26 compared to 80% in Q3 FY25. Online revenue contribution witnessed a sharp increase and accounted for 31.6% of the revenue during Q3.
Goldiam’s order book position as on 12-31-2025 was about 1,800 million. Goldiam recently received new export orders for studded lab grown diamond jewelry worth rupees 800 million from the international customers from USA and the Middle East. Our B2B jewelry export business has three key growth drivers, increasing wallet share amongst existing customers, signing up new large format retailers in US and expanding to new geographies mainly Europe, Middle East, Israel and Australia. Now let me share updates on Audigem, Our India focused B2C Labrun diamond jewelry retail brand. Our store expansion drive is gathering good momentum as we sign Lois for stores across India as we speak.
We have 13 operational origin stores. As you may be well aware, during the quarter we signed letter of intents for 20 more stores across 12 cities. Goldium plans to open an additional 12 to 14 original stores by March 2026, taking the total store count to about 24 to 26 operational stores by the end of the current fiscal year. During the first six months of the next fiscal, the company plans to open an additional 50 stores. We believe our nationwide rollout strategy with carefully selected locations and especially in malls will give Origen an edge in this competitive segment.
We remain highly confident on the future prospects, future growth prospects of the company. With that overview, I’m happy to open the floor for questions. Thank you all.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press Star and one on the Touchstone telephone. If you wish to remove yourself from question Q you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we wait for a moment while the question queue assembles. The first question is from the line of Dixik Doshi from Whitestone Financial Advisors. Please go ahead.
Dixit Doshi
Yeah, first of all congratulations for a great performance. So I have couple of question on B2B and then B2C.
operator
Sorry to interrupt sir, I just request you to speak little louder please.
Dixit Doshi
Yeah, is it better now? Yes, go ahead. Yeah, so first of all a couple of question on the B2B side. So after the recent you know trade deal with the US if you can just so most of the article says the gems and Diamond Import Duty 0. But for most of our sale is from jewelry. So we are at 0% or 18%. If you can clarify. And what would be our strategy post this deal? Whether we’ll move back to everything to India or we’ll continue with the recent arrangement of casting in US and then the other processes in India.
Rashesh M. Bhansali
All right, let me take this answer, Mr. Dixit. Thank you for your question. So what has been announced by, you know, that trade deal is that the gems, loose gems, is 0% import duty, effective virtually immediately into the United States. So anything loose diamonds, whether it is lab grown or natural, will carry no duty when it comes to tariffs of jewelry or duty of jewelry. 50 has moved to 18%, which is a huge benefit. Right. So 18% will be the tariff of having jewelry in America. But as you had earlier, if you would have earlier seen our reporting to the exchange that Goldium does production buys make in America gold and does the first stage of production, which is casting in America, and then we import it.
So our jewelry carries no tariffs, zero tariffs because we our origin for the jewelry continues to be us. So we do not, no tariff is levied upon our products in America, our jewelry. So I hope that answers your question regarding point number two of your question, whether due to this, do we continue our focus completely in America or we continue looking for further newer markets. So Goldiam in the last year has improved its ability to sell in Israel, in Australia, in Middle east, and we end in Europe and we continue to expand those markets. Right.
And we will also continue to expand U.S. market. Thank you, Mr. Dixon.
Dixit Doshi
Okay, my second question is regarding origin. So I think first of all, congratulations that Titan has finally launched lgd. So I think that will really boost the category itself. But the question is they have launched at let’s say around 25, 26,000 rupees a carat, while all the other players, including us, we were selling at 35,40,000 rupees a carat. So how the competition will evolve and how we will compete. And I think their first store is very next to our store in Andheri. So how it can impact her performance if you can broadly touch upon this competition.
Anmol Rashesh Bhansali
Sure. Thank you, Mr. Dixit. I’ll take that question. This is Anmol Bhansali over here. So, yes, it’s great news that Titan has launched its Lab Grown diamond foray with the launch of Beyond. You know, we’re very excited and we welcome the competition and we very strongly believe it will serve to increase the overall pie of the Lab Grown Diamond Consumption in the country which is at still a very very nascent stage and hopefully and is growing quickly within the country. We believe there is a lot of room for players to grow and we are building origin with that in mind that as this part of the industry and as this segment in the industry grows, we will be one of the dominant players within that.
Speaking particularly on the point which you raised which is regarding the diamond pricing per carat. So there are a few differences and I think each retailer in the current lab grown retail space in the country has is playing for a different segment or is pricing differently regarding beyond. I believe within 22 to 28,000 is their pricing for carat. But they offer. They have. Their strategy is to offer a lower quality of diamond number one. Number two they have no third party certification so all of their product and all of their jewelry is in house certified and number three they have no exchange policy buyback policy to offer trust to bring forth that customer who is looking for fine jewelry, albeit in the everyday use case and everyday fine jewelry use case.
That’s one point. On the flip side we do see retailers also a few brands that are VC funded that are offering only VVS quality diamonds and they are priced at a significantly higher rate, close to 65 to 80,000 rupees per carat. So that entire spectrum of use cases is currently present as I believe each retailer and each brand is testing the waters as to see what is going to work for them at origin. We are currently offering our standard quality which is Vs quality. 100% of product at origin is IGI certified and we also offer lifetime exchange and buyback.
You know to build trust with our customers. We aren’t just stopping here, we are also going to be very soon as required now in the in the current expansionary phase of origin we are going to be very soon introducing both a lower quality of diamond for certain fashion jewelry pieces as well as specific collections in VVS EF de color only for certain high end more similar to engagement or bridal ring collections which will effectively offer effectively then allow Origam to become a full stacked jeweler in the lab grown diamond space offering entry level diamonds and at entry level 9kt gold as well for fashion jewelry so that we can maintain and attract and provide options to somebody looking to buy jewelry and the 15 to 20,000 rupee range and certainly even perhaps below as well as offer beautiful extremely impeccable flawless VBS quality diamond for somebody who wants that and also competitive rate that is best in industry even on that high End of diamond quality.
So this is our product module which we are hoping to execute on in the coming few months which will allow us to compete across the pipeline whether that’s on entry level diamonds, mid and core range or on the super high. Quality range as well. I hope that answers a little bit about the, about your question. But in general we are very excited and happy with the launch and with a marquee and renowned retail player coming into this industry, we believe it will only serve to help grow the overall pie and educate India’s customers. Enlarge about the lab grown alternative opportunity here. Thank you.
Dixit Doshi
Just one question and then.
operator
I’ll dixit. I just request you. Thank you. The next question is from the line of Ankush Agarwal from Search Capital. Please go ahead.
Ankush Agrawal
Yeah, thank you for taking my question. So just firstly just a clarification. You said H1R FY27, you plan to add 15 new stores or 15 new stores.
Anmol Rashesh Bhansali
So it’s. Thank you Mr. Ankush. It’s 15. Okay. 1 5. Yes.
Ankush Agrawal
Okay. And secondly could you sort of give some data point on what was the losses for Origen during the quarter?
Anmol Rashesh Bhansali
Sure. So at origin we had a loss booked of about 2.5 tr during Q3 FY26.
Ankush Agrawal
Okay, got it. And lastly like given that we had like almost 11 stores that were operational for the full quarter, how many of these stores are currently sort of, you know, profitable? Breakeven if you can handle.
Anmol Rashesh Bhansali
No. Yes. So it’s about, we’re about breakeven on the overall store fleet in general moving forward as we double up our store fleet within the next two, two and a half months itself. Our target internally is to ensure that the overall store fleet and the store level remains at break even with older stores moving more deeper into profitability and younger stores dragging the overall the overall mix towards break even. So that’s our target and we would be very happy if we can execute to a level where including 2x new stores we are effectively running at store level breakevens.
Ankush Agrawal
Got it. That was helpful. Thank you.
Anmol Rashesh Bhansali
Thank you. Thank you.
operator
The next question is from the line of Kush from Nivesha Investment Advisors. Please go ahead.
Khush Shah
Hi. Congratulations for the good setup number.
Anmol Rashesh Bhansali
Thank you so much. Push. Yes.
Khush Shah
First question would be regarding the US retailer side where when supplying to a large US Weller retailers, apart from a scale players, what would you say are Goldium Key differentiate apart from the other players where we are supplying to our global players or retailers or the distributors in the US market.
Anmol Rashesh Bhansali
Yes, great question. Kush So I strongly believe that our biggest USP is twofold at goldiam. One is on the design and design execution front where we have invested deeply in training as well as actual capital and machinery to upgrade our quality. At Gold Young particularly we are known for bridal jewelry which is the ring segment which offers a higher ASP compared to fashion jewelry in the US which is earrings, pendants, bracelets, etc. As a result of having a high ASP we have a constant focus on the finer details and the minuteness and the finishing quality which is extremely important that we are very well known for, including our ability to invest in upgrading machinery as well as workforce training to deliver quality that’s akin to Tiffany’s, High Winston, etc.
In their ring segment but at the everyday at the more mass to mass premium jewelers in the U.S. secondly, other than the design and speed of design that we are known for, another USP is the ability of goldiam to consign jewelry and provide capital to the retailers in partnership with them to market certain products, certain lines, certain collections which helps us to get incremental growth especially as and when those products and collections get accepted by the retailer and then move into being purchased outright from us for all their reorders.
Khush Shah
And just a follow up on this like wanted to understand more on the industry level for B2B like wanted to understand like on the ecosystem like there will be participation from both wholesalers and retailers which maybe we would be serving. So wanted to understand the relative market split between these two segments and how this has been evolving for the Lab grown jewelry. Lab grown Standard diamond jewelry and just additionally on this maybe on maybe if you can also help us understand the supply or system like whether we should understand this as like the breadth of supplier based on maybe those large retailers which are our customers such as maybe seconded.
So how are they or what are their sourcing strategies as retailers whether they are vendor diversified or pricing or risk management wise, how are they looking at India and what would be our share in that? So on a consolidated basis of maybe B2 being jewelry ecosystem, if you can explain the market.
Anmol Rashesh Bhansali
Okay sure. So let me give some comments that. About 50 to 60% of the U.S. jewelry market is controlled by what we call major jewelry retailers. Effectively retail brands that have more than 40 to 50 stores. The balance is controlled by independent jewelers that are similar to mom and pop jewellers. One store, two store tri state area jewelry stores. Effectively those that have less than five stores put together a wholesaler and the wholesale layer is typically Present because we at Goldiam don’t directly, and this is by our policy so far, we don’t directly sell to independent jewelers.
There is a lot of requirement of service boots on the ground in the US as well as a higher element of payment term risk that is associated usually with independent jewelers. As a result of that, we partner with the middle layer of wholesale customers in the US who purchase in bulk from us and then distribute on their own to these independents. For major jewelry retailers, Goldium sells directly through our US subsidiary Goldium USA Incorporated. We are the vendor on record for all the. For all these major jewelers. There is of course higher bulk volume that comes with them.
They are corporatized. So there is no risk of payment payment, no payment term risk when it comes to working with these retailers. And that is really the bread and butter of our business. On the supply side, some of the major retailers that we work with would have of course multiple vendors depending on their scale. So a smaller major jewelry brand will keep between five to 15 vendors, whereas a large company like the largest jewelry retailer in the US that you mentioned would have north of 40 vendors. Though we see that in our industry sales are being consolidated by the largest 10 to 15 players now, especially post Covid when businesses have gotten more complex, the ability to consign has become more pronounced and the ability to service retailers across the entire touch points including the.com accounts for these same retailers and delivering within 5 days to 10 days has become a unique source of strength.
With these in mind and as well as the tech integrations required to service these major accounts, now we are seeing business consolidating within the larger larger vendors and our larger competitors as against the tail end of supply going towards going to these retailers in the U.S. i hope that gave a quick overview to help understand our customer market.
Khush Shah
My last question would be.
operator
I would request you to rejoin the queue please.
Khush Shah
Sure.
Anmol Rashesh Bhansali
Thank you.
operator
Thank you. The next question is from the line of Smith Gala from RSP Inventors. Please go ahead.
Smith Gala
Yeah, thank you for the opportunity. I wanted to understand more a bit detail upon the seasonality of our business because in last year our December quarter. Was a bulky quarter. This year, in last, last September Concord we mentioned that we might be able to grow a little bit which we. Have managed a significant 14% growth to the last year’s number. I understand domestically there is a festival of Diwali etc. And in the US we have new Year’s and Christmas going along. So will December quarter be a very bulky quarter? Like if we compare sequentially. This is 66. So can you give me a little. Color on the seasonality our business has?
Anmol Rashesh Bhansali
Absolutely. Mr. Gala, thank you for the question. Q3 because of so far because our primary and primary business is selling to US major retailers. Q3, which accounts for Thanksgiving and Christmas will continue to remain our largest quarter even in in America it is the strongest quarter when it comes to retail sales to the U.S. we expect this to continue and we expect about a sizable portion of annual sales coming from Q3 as always, as has been our historic trend in the past as well.
Smith Gala
And one bookkeeping question from my side. I understand we are opening our expansion of origin going on and we are. Also manufacturing in the US etc. So that increases the complexity with the tax rate. So on an annual basis on the. Consolidated level, what is the tax rate. That we are projecting?
Anmol Rashesh Bhansali
I’ll be able to get Back to you Mr. Carla. I’ll speak with our CFO and I’m happy to share more color on that offline. Post the call.
Rashesh M. Bhansali
Yeah, but Mr. Gala, just to tell you on an average US pays 20% tax and India pays 25% tax.
Smith Gala
Sure, sure. Thank you. Thank you. That’s all from my side. Thank you.
operator
Thank you. The next question is from the line of Vinay, an individual investor. Please go ahead.
Unidentified Participant
Hi sir. Hi. And congratulations on wage head on numbers. Just a few questions from my side. First is given the gold prices globally, what has been the volume growth for the quarter?
Anmol Rashesh Bhansali
Hi Mr. Vinay, thank you for the question. Volume growth for the quarter between 7 to 8%. That is in terms of number of pieces at Goldiam. Because we’re finished jewelry manufacturers that are 100% in studded jewelry. We usually track in number of pieces and that’s the metric we use.
Unidentified Participant
Okay. Okay. My second question is what’s the operating loss for origin for the current quarter and for nine months?
Anmol Rashesh Bhansali
Yeah. So for the current quarter I have the data. Origin’s operating loss would be about 2.5 crores.
Unidentified Participant
Okay. Okay. And nine month is not available right now.
Anmol Rashesh Bhansali
I’ll. I’ll be able to get back post. Post the converse.
Unidentified Participant
Okay. Okay. Yeah. Any reason for the higher other income in this quarter? Is it a one off or can we expect this to continue going ahead?
Anmol Rashesh Bhansali
Yes. So there are two major factors contributing to the other income. One of course the rupee and the dollar rupee currency depreciation. And the second which is other income or investment income generated with the investment funds within the company which now include also a sizable increase due to the qip that was conducted in month of August. So as of course you know, we have a sizable balance still left with us which is generating risk free income at the moment.
Unidentified Participant
Okay, okay, thank you so much. I’ll get back into.
Anmol Rashesh Bhansali
Thank you, thank you, thank you so much. Thank you.
operator
Thank you. The next question is from the line of Anubhav from recent capital. Please go ahead.
Anubhav Mukherjee
Hello. Am I audible?
operator
Yes sir.
Anubhav Mukherjee
Yes. Yeah. So I’m new to this industry, like evaluating it and like from the literature, what I understand is that the prices of like manufacturing labroom diamonds have been falling continuously and that has continued sort of in the last calendar year as well. So how does that impact like a vendor like us and the final retail prices? If you could give some color on that. Yeah, that would be excellent.
Anmol Rashesh Bhansali
Sure, Mr. Anubhav. So actually we now find prices of lab grown diamonds extremely stable in a lot of sizes, especially even up to one carat prices have even foamed upwards in the last three to four months. So the historic notion of lab grown diamond prices constantly falling, I think now remains a historic event. And we’ve reached, truly reached a base and in fact prices have even increased from its base and in some sizes, even sizably in double digit percentages.
So we’re now very excited to be investing in this category, to be investing inventory in this category and see no risk of price declines on the loose diamond inventory we carry.
Anubhav Mukherjee
Get that? And sir, just some context on what had driven that price point. Was it led by like the technology itself lowering manufacturing prices and now like what is driving this stability? If you could give some color on that, that would be helpful.
Anmol Rashesh Bhansali
So what’s driving the increase in price? Is that your question?
Anubhav Mukherjee
No, sir, Historically what drove the fall of prices and now this Also like now the stability what has driven this year?
Anmol Rashesh Bhansali
So I think the increase in capacity per machine per month which most growers were able to deliver on, and the ubiquity and of the growing technology wherein most jewelry, most diamond growers were able to effectively grow output at a similar pace and very quickly led to both cost per carat falling as well as the subsequent selling price per carat. Today we have reached a place where sizable part of the selling price, which is Goldiam’s cost, is now coming from the true labor it takes to cut and polish a diamond.
As a result of that, there really is no room and no sizable room for for the price falls. And as inflation adjusts, including in the labor rate it takes to polish a diamond and cut a diamond, we are now seeing Tightness especially in smaller sized diamonds where prices are now going up.
Rashesh M. Bhansali
So I may want to add to. This Mr. Anubhav that the demand for Labran diamond jewelry has increased dramatically all over the world. USA was the first one to adapt lab grown in a large heartened manner. Now you can see Middle east is also, the demand is increased. Australia the demand has increased and India the demand has increased because retailers like us are opening stores and people are buying. So now the demand is of a lab grown has increased from all over the world which is also helping, you know, stability of prices and increase of prices in a certain qualities.
Anubhav Mukherjee
Get that? That is very helpful sir. My last question before I get that.
operator
I just request you to rejoin the queue for the follow up question.
Anubhav Mukherjee
Sure.
operator
Thank you. The next question is from the line of Yash Bajaj from Lucky Investment. Please go ahead.
Yash Bajaj
Yes, good evening and thanks for the opportunity. My first question is on the lab grown diamond prices which you have mentioned in on the sixth page of your presentation. There’s a 20% increase on the lab grown diamond jewelry prices and if you just compare that with the natural diamond jewelry prices the appreciation is not that significant. Can you help me understand what is the difference between these to sub segments of jewelry?
Anmol Rashesh Bhansali
Sure. Thank you Mr. Yash. So it’s just, it’s the average price of the jewelry sold from Goliam on the lab grown diamond side that changes quarter on quarter, month to month. And it really is dependent on the orders that we have in hand. In the last quarter we have sold some merchandise with a higher caritage of diamonds, even higher than our usual mind is usually fairly stable. It’s about half carat of diamonds per piece that is sold on average from a piece of jewelry at Goldiam where the pricing is relatively stable between that 450 to $500 range.
Yash Bajaj
Understood. Thanks. And my another question is that like you just mentioned, right that the volume growth this quarter is 78%. And if we see our historical past three, four years, the volume growth especially in lab grown diamond jewelry has been quite strong. Right. So I mean is there any slowdown or the acceleration in terms of like the rate of volume growth for lab grown diamond when it comes to, you know, sending it to the US So.
Anmol Rashesh Bhansali
I mean historically if we have to see the last few years lab grown diamond jewelry was eating away shares from the natural diamond jewelry. So of course volume growth was fast but it was coming at the cost of a business that was already well entrenched for us which was mine diamond jewelry. We actually see that now that 90% of our business effectively is coming from Lab grown diamond jewelry being sold to the US and this is echoed by all of our large customers in sales meetings that we go for, especially when I meet them, that today, given what the customer wants is effectively almost clearly Lab grown, including at some of the more premium brands that we sell to, any subsequent growth is going to come on an industry level is only going to come in the Lab Grown space.
So I think now overall revenue should match close to industry growth plus plus with further market share gain to be enjoyed by players that are well entrenched in Lab Grown. That’s the way, that’s the way we see it. We believe we’ve done a very exciting, we’ve had a exciting last few years as Goldiam has been able to position itself as a predominant Lab grown diamond jewelry supplier to large retailers in the US and as they transition to going deeper into their assortment for Lab Grown, we believe we are seeing an outsized share of that coming to us.
Rashesh M. Bhansali
Plus Yash, I also want to add on to what Mr. Anmol has been saying is that since this was the Q3 quarter where we’re looking at 7% growth in number of units. But you have to understand in Q3 the higher carrot agenda, that’s why we have a higher growth in the numbers of revenue. So when, especially in Q3 when people have larger wallet sizes, the higher carat goods sell, it’s not only the one carat that sell is the 2, 3, 4, 5 carat diamond rings that sell as well. So that also answers the question why that was 7% while other quarters could have been more.
Yash Bajaj
Okay, okay, got it. And I mean going forward, what kind of volume growth can we expect? And as of today what would be our market share in the organized retailers in the U.S. that’s my final question.
Anmol Rashesh Bhansali
Sure. So thanks for the question Yash. Answering the second question first on the market share depends really from retailer to retailer. We have worked with some department stores where in the bridal jewelry segment Voldiam’s market share would be be north of 25%, 25 to 30% on average. With the largest jewelry retailer in the U.S. even today Goldiam’s market share would be sub 2%. So we have a significant scale up opportunity and room for growth with certain key retail partners of ours as well as introduction of new accounts that we are constantly working on both within the US as well as in non US geographies like Israel Middle east where we see FY26 27 being a exciting year for us to be able to deliver good growth in those geographies too.
Yash Bajaj
Got it. Thank you so much for answering my questions. And all the best. Perfect.
Anmol Rashesh Bhansali
Thank you, Yash.
operator
Thank you. The next question is from the line of Kunal Bhatia from Dalal and Rochas Talk Broking Ltd. Please go ahead.
Kunal Bhatia
Oh yeah, hi sir. Thanks for the opportunity and congratulations on a very good set of numbers. I just wanted to know what would. Be the average per carat price of. The diamond which we are procuring in terms of lgd. And my second question is in regards to. Yeah, even before the tariff deal was. Done or not done, we actually had. The advantage of a zero percent tariff. But how about things now are because of this deal done through, Are we able to. Are we getting more inquiries in terms of some other retailers or are we also trying to penetrate more in the existing existing clients? Could you give us some sense on that with regards to the growth one can anticipate in the coming year?
Anmol Rashesh Bhansali
Sure. Thank you, Mr. Sonal. So I’ll answer your second question first, the tariff deal. Yes. We are processing almost all of our jewelry via the dual casting method where we are casting in the United States, importing the jewelry to India for finishing, polishing, stone setting and then of course re exporting it back to the US Resultant of which US Made in America jewelry products is how our production is now labeled and therefore we are aligned with getting a zero tariff applied on all these products.
Resultant impact also, as you can see, and as I mentioned in the last quarter’s quarter on call has been a small uptick in our margins as well. Which way? Which is an exciting outcome that has come out of this. The tariff deal, therefore, as it changed from 50% to 18% is sentimentally a big booster. I was just meeting our retailers just last week in the US and I think it adds to the bullish environment and provides them a little bit of ease with which they can now place orders freely as well. So we are seeing that continue with our existing clients and in terms of our operations regarding dual casting, it has no impact.
We are going to continue with our model because we are able to deliver effectively even lower cost than 18% by using this dual casting method and therefore supplying to our key retail customers through this method. We see we are of course trying and we are focused on both ways of going. One, which is through increasing dollars per door and increasing our penetration with the existing retail customers. We have in particular the largest jewelry retailer in the US and secondly also increasing penetration through New customers accounts. These are lumpy. We’re excited to. And we are constantly looking for ways to tap on a few of the major jewelry retailers whom we currently don’t sell to.
This is an ongoing effort and we are reaching out to our sales teams almost on a monthly basis.
Rashesh M. Bhansali
So also Kunal, I would like to add that with the 18% tariff the customers now get really confident that the relations between India and America have dramatically improved. And they see confidence between the President there and the Prime Minister here that we will be able to transact very successful trade relations and grow the businesses together. So when they hear and see this. Confidence, business in India will trickle down in a stronger number. So we are very confident when that happens. And that’s already started Goldie. And will benefit a lot. Thank you.
Kunal Bhatia
And the average price of diamond per carry acquiring at.
Rashesh M. Bhansali
Diamonds are bought with different sizes. If you’re looking at smaller sizes and larger sizes, anywhere between 8,000 to 10,000 carat rupees is the price for diamonds in the market.
Kunal Bhatia
Okay, thank you so much.
Rashesh M. Bhansali
Thank you.
operator
Thank you. Ladies and gentlemen. Order to ensure that management is able to address questions from all the participants in the conference, please limit a question to two question per participant. Do you have follow up question? We request you to rejoin the queue. The next question is from the line of Harshad Singh from Green Invest LLP. Please go. Right.
Harshit Singhi
Hi. Hi Mr. An. Hi Mr. Dash. Good afternoon.
Anmol Rashesh Bhansali
Good afternoon.
Harshit Singhi
Hi. Am I audible?
Anmol Rashesh Bhansali
Yes. Yes please.
Harshit Singhi
Yeah. So it seems like the growth has slowed down this quarter given the fact that the previous couple of quarters we were growing at a 40% plus, 30% plus at least. But this quarter it has come down to almost 15%. Just wanted your take on it. Is it something of a sentiment issue with the US retailers? Something structured or just a high base effect?
Anmol Rashesh Bhansali
Yes, it’s just a high base effect we have. You know we’re very happy to deliver the numbers. We’ve been, we’ve, we’ve delivered both in Q3 and nine month. We’re coming off a high base effect and double digit growth to you to be able to deliver that. We consider ourselves very lucky.
Rashesh M. Bhansali
The revenue growth in the quarter has been 18%, not 15%.
Harshit Singhi
Sorry sir, but just wanted a sense on it. I hope it is not a sentiment issue with the US retailers fearing that the tariffs will continue. I just wanted a sense of it by today. It was not a sentimental issue.
Anmol Rashesh Bhansali
Sure. Yes, it’s not a sentiment issue. The retailers were already working with them with our dual casting method and there was maybe a Little bit of lag because the secondary tariffs came into place. And then post that we figured out the dual casting method and all tags of all our SKUs had to be changed from Made in India to Made in US including resetting up every single style once again on their internal systems and internal portals with the Made in America designation which of course takes its time. Regardless, we’re very happy with revenue. Continue with strong revenue growth moving forward.
operator
Hello, the next question is from Siddhartha Paris Will fq the next question is from the line of Vidhi from cr, Kothari and Science. Please go ahead.
Vidhi Kothari
Hello sir. Congratulations on a good set of numbers. Sir, I wanted to know what is the capex per store that you require for setting up an origin store?
Anmol Rashesh Bhansali
Sure. Thank you. It is about so about 50 to 65 lakhs for the actual fit out costs of the store, about 30 to 40 lakhs for rental deposits. So cumulatively about 1 crore between rental deposit and fit out costs and the inventory per store we keep about 2.7 to 2.8 crore of inventory. So net all included it’s about 3.7 to 3.8 crore which is the all in investment for Origen store including inventory required to operate.
Vidhi Kothari
Okay, so I just want to understand the rationale behind setting up this B2C so is your focus now on B2C or is this just to build a presence for your B2B business? What is the outlook ahead? How will the revenue be ahead? What is the target in the long term?
Anmol Rashesh Bhansali
So we believe that we have the capability to work on and execute both plans on the very long term. B2C in India, particularly in India offers us a great opportunity from the long term revenue and revenue and brand growth standpoint. Especially now that we see an amazing opportunity in this new segment of jewelry which is lab grown diamond studded jewelry where we believe on paper and where we truly believe on paper that this segment fits in perfectly with India’s buying and consumption patterns especially in everyday fine jewelry. For the long term I think we have a tremendous opportunity both in B2C and B2B globally speaking we keeping our margins intact, keeping our working capital cycle intact.
We believe we have the opportunity to certainly increase our sales dramatically especially given total seeds export figures, export figures not just to the US but other large retailers globally while also having an additional kicker coming in from the B2C operations which while still nascent is rapidly growing and we’re excited to invest in further in this in this category.
Vidhi Kothari
All right, thank you sir. And any revenue guidance.
operator
Ma’, am, I just request you to join the queue please.
Vidhi Kothari
Yeah, just one last question. The revenue guidance
Anmol Rashesh Bhansali
We don’t provide but. We are, you know we are definitely seeing strong, strong growth coming in Both in the B2B and of course in the B2C side where revenue will dramatically kick up every quarter. And you’re on your and Q on Q.
Vidhi Kothari
Thank you. And all the best.
Anmol Rashesh Bhansali
Thank you.
operator
Thank you. The next question is from the line of Desik Toshi from Whitestone Financial Advice.
Dixit Doshi
Yeah, thanks for the opportunity. My first question is regarding the B2B business. So you know considering the the scope of increasing the wallet share in the retailers plus the new geographies like Middle East, Europe, Australia have reached a higher base over last three, four years. Do you still feel that we can, you know, kind of grow in a longer term like 3 to 4 years we can double our B2B business as well?
Rashesh M. Bhansali
I think it’s very. First of all we are very confident on the growth prospects of the company. Right. With other markets coming in more 18 karat gold jewelry also will be sold. Right. With better qualities of natural diamonds in Middle east and higher qualities of lab grown diamond jewelry. So we continue to be very positive and very confident on the growth of the prospects of the company within three to five years. Also we expect to, we should expect to, you know be at the number you just talked about.
Dixit Doshi
Okay. And in terms of origin. So a couple of things. So you mentioned 2.7, 2.8 crore inventory. We keep. I understand currently the most of the stores are not yet one year old. But let’s say what are your internal expectations in terms of store? Let’s say once the store matures for two years or third year operations, what kind of inventory turn you feel these stores can do?
Anmol Rashesh Bhansali
Sure. Thank you Mr. Doshi. So we see an operating operational matured store as a store that is three plus years old and we are expecting to at least hit on the minimum side 40 lakh sales per store across our store fleet for these matured stores. Again this is a very, very conservative number as you can see. Just looking at comps on the everyday fine jewelry space though in natural diamonds that are probably doing between 55 to 75 lakhs of sales per mature stall. So Even keeping a 4045 lakh rupee target and looking at optimization on the diamond pricing front including adding on new categories, new forms of inventory and digital experiences as well as modules like old gold exchange and jewelry schemes, pricing schemes that will be coming in the coming year, we believe that we can certainly achieve this.
It’s a lower bar to hit. But even at this number we will be able to drive a 2x inventory turn which given the margin profile that Lab Grown Diamond Jewelry offers drives a significant store level profitability as well as then true bottom line profitability from the brand overall. That’s really the North Star with which we are building the business and we hope to execute this over the coming few years across a large store fleet and store base that we will be establishing.
Dixit Doshi
So 40 lakh per store is per month is broadly you are saying two and a half times inventory turn. Okay. And the margins you are expecting is 40% I think currently what we are doing.
Anmol Rashesh Bhansali
Yes, yes. We’re currently slightly higher than that. But yes, we will be in the 38 to 42% range.
Dixit Doshi
Okay, that will be the range. Okay. And just last thing on the do you have any thing in mind in terms of after reaching certain number of we will look for franchisee.
Anmol Rashesh Bhansali
So it’s not decided in stone Mr. Doshi, but we will be evaluating opening that tap of growth by towards the end of this year. End of this calendar year.
Vidhi Kothari
Okay. Okay.
Anmol Rashesh Bhansali
We have capital in place to pursue our COCO expansion and you know, stabilize, operationalize and add certain key modules which are important to have so that Origem is truly a full stack jeweler including creating availability for old gold exchange and jewelry payment schemes. Until the time these are not formed which will happen within the next six months only post that we will look at opening that gap of growth through the franchise opportunity to.
Dixit Doshi
Okay. And in terms of brand ambassador anything thought process?
Anmol Rashesh Bhansali
Not at the moment but again it will be similar in time frame towards the second half of this calendar year.
Dixit Doshi
Okay. Okay, that’s it. From myself. Thank you.
Anmol Rashesh Bhansali
Thank you.
operator
Thank you. Participants are requested to limit the question to one question per participant. Do you have follow up question? Request you to join the queue. The next question is from the line of Khush from Nivesha Investment Advisory. Please go ahead.
Khush Shah
Hi sir, my question would be on the inventory turnover. Where when do we expect to hit the cost of inventory turnover for the store?
Anmol Rashesh Bhansali
Sorry Kush, could you repeat the question.
Khush Shah
By when do we expect the store to hit the inventory turnover?
Anmol Rashesh Bhansali
So the numbers I stated are for mature stores which would be three plus years. We believe these are conservative targets to it.
Khush Shah
And my last question would be the. What would be the strategy for the marketing expense.
Anmol Rashesh Bhansali
For Origam? The strategy? Effectively we are building our playbook out for new stores but we are effectively moving forward as we open new stores. And new geographies. The idea is to be more digital heavy but focused on pin code based marketing digitally to consumers in and around each store that we open. Given our category and the ASP with which we are selling in origin, which is a significant and sizable aspect, we believe bulk of sales are going to continue coming through stores rather than online. Resultant of which a lot of the marketing strategy is focused on pin code based digital marketing as well as true BTL activities such as having events influencers in store and inviting people to have their own events in store as well to introduce the brand to that community and that catchment area.
Khush Shah
Got it, Got it.
operator
Thank you. The next question is from the line of Deepak Pandya from Sagun Capital. Please go ahead.
Deepak Pandey
Hi, congrats on the website of number set. So just a question on the share part. What would be the wallet share that we have with the largest kind of. And what you know, in the last year?
Anmol Rashesh Bhansali
Sure. So with our largest client our wallet share would be just about 2% if not slightly lower last year it would be the range of just above 1 to 1.5%.
Deepak Pandey
Got it. Thank you.
operator
Thank you. The next question is from the line of Rishabh Malik from. Please go ahead.
Rishabh Malik
Yeah. Hi sir, thank you for the opportunity. I wanted to understand if we see the premiums that we are able to command on our jewelry that we sell in B2C origin stores, we are at the lower end of the spectrum if. You compare it to Akira or maybe Limelight. So I wanted to understand why there are discrepancies because they are charging exorbitantly. High and where do we see these. Premiums in the future? Do we see them shrinking or I mean what’s your guidance on this?
Anmol Rashesh Bhansali
Sure. Thank you for the question. We believe we are fairly well priced and you know it’s driven by the significant cost of goods advantage that Goldium has by being able to grow or procure every single diamond ourselves from this either in house or from the same team that buys diamonds for the larger export business. All our jewelry is also manufactured on job work basis by contract jewelry manufacturing partners. We don’t buy finished jewelry including diamonds from anybody. The resultant of which is that our cost of goods has a significant advantage compared to young peers that are perhaps not entrenched in the jewelry industry.
And we prefer whilst of course ensuring we have headroom to invest in the brand. We prefer passing on the right prices to the customer for the right sort of opportunity and jewelry that we are category that we are playing in Comment on the strategy for Others. But we believe in the long term this will play out significantly to origin’s advantage. Especially now that we are opening stores more in south and north where some of these other players have a lot of stores already present. We have historically had a larger fleet in Mumbai and have covered the city of Mumbai fairly well.
The idea now as you see you know both in our, in our filings as well as in the number of the where the locations of where we’ve signed stores, we will be opening soon in close to some of these competing brands where I think this strategy of being right priced will play out significantly to our advantage.
Rishabh Malik
Right, got it. Thank you.
Anmol Rashesh Bhansali
Thank you.
operator
Thank you. The next question is from the line of Yogesh Jaswani from Mittel Analytics. Please go ahead. Yes, Mr. Yogesh, go with the question please.
Jogansh Jeswani
Hi. Thanks for the opportunity. Most of my questions have been answered. Just one clarity needed on the brand building and the marketing expenses. You shared about the exercises that you do that it will be mostly digital. If you could just broadly help us understand what is the kind of budget that you are planning for this year and as we scale the number of stores, what kind of marketing expenses do we anticipate?
Anmol Rashesh Bhansali
So Mr. Jogesh, I don’t have the numbers on the top of hand right now with me but I’m happy to email directionally how we’re looking on a month on a quarter to quarter basis on the origam digital as well as overall marketing spend that’s being put in into the brand. If you would give, you know, share an email with me, I’m happy to get back on that with that point later.
Jogansh Jeswani
Sure, I’ll do that. And Anmo, on the inventory side you mentioned once we start the business we’ll be putting a sizable inventory. So these are the optimized or is there a scope that as we mature the stores inventory numbers can be reduced further.
Anmol Rashesh Bhansali
So about 2.7 to 2.8 crore we believe is a very strong and aggressive inventory requirement. Unfortunately that number on value basis has gone up because of the increase in gold prices. But we are also of course balancing that by now weighing slightly more into 14kt introducing and testing a line of 9kt with installs which should launch in the next couple of months. So currently it’s at 2.7 2.8 crores. But we will evaluate how customers are reacting and accepting 9kt jewelry and benchmarking towards 14kt slightly more, indexing towards 14kt slightly more and perhaps a slight tweak.
There is possible but it won’t be a dramatic change at the end of the day the Indian customer loves ready to sell inventory and we don’t want to take premium store locations and effectively only keep samples on display which are then available only to order with a two to three week lag. The idea is definitely to have a good RTS portion that customers can come in, pick up, purchase and you know be ready for their gifting and self consumption needs.
Jogansh Jeswani
Okay, that’s it from my side. I will send you the email.
Anmol Rashesh Bhansali
Absolutely. Thank you Mr. Jogesh.
operator
Thank you. Next question is from the line of Ajay from Nivesha. Please go ahead.
Ajay Surya
Thanks for the opportunity. My question is on the B2C side like wanted to understand more from you on like with the industry getting a lot of traction and the increased competition like the the players are rapidly expanding and we also have an aggressive plan on expansion. Wanted to understand from you like what do you think would be Golden’s or Origins right to win or key right to win parameters in this category? Maybe from your experience of maybe B2B which you saw for the US giant retailers, does that also help you and maybe having that key right to win parameters which you think original tick the box or would that be maybe pricing or design? Like wanted to understand from you thoughts on competition and what would be our edge to win this competition.
Anmol Rashesh Bhansali
Sure. Thank you Ajay. So just an overall top view note. We you know we welcome the competition. We think it only serves to expand the category as a whole and helps for customer education which is the real need of our. We’re very excited and believe the pie being grown rapidly is the real end goal and it is the only single factor that provides us all the opportunity to increase business within Specifically to Origen what is our right to win? I think it’s threefold. One on product. On the product side we have an advantage due to knowing what our best sellers are in the US on any given month which are tested, tried, proven on trend designs including amazing setting types, beautiful motifs like hidden halos, donut halos all of which we’re able to leverage for the in store inventory in origin.
Also part of that includes our ability to see what’s trending on the tech side with large US retailers. So adding modules which are going to be significantly exciting compared to the market such as digital ring builders down the road something we’re already in a small way started to work on is AR augmented reality based scanners in the store where you’ll be able to put your hand underneath and pick A jewelry from the website that’s not in stock and see it on your hand. So a lot of exciting things in the build on the product side which both design wise and tech wise will give us long term advantage on the price side.
As mentioned earlier in the call, we have a very strong pricing advantage because of a cost of goods advantage that’s driven because of the corporate volumes that are done by Goldiam on the export side of the business. So that is as you can see in even our existing pricing passed on to the customer and we believe that is a long term sustainable advantage we have. And thirdly is on the team. You know, we’ve onboarded a professional team with deep expertise and deep experience in the retail industry. While there is always room for improvement in learning, we believe the team will be able to minimize, help minimize mistakes in the early days of building the brand and building and building out the distribution of Origam.
So you know, having come from that professional experience, being part of large corporate jewelers in our country should play out advantageously for origam as against some younger competitors as well.
Ajay Surya
Got it. And one last question on the order pipeline for B2B if you can maybe comment, how is the order pipeline looking for our B2B segment? Because given maybe the tariff scenario that would have maybe slowed a bit. But then we recently won some order but wanted to know the order pipeline.
Anmol Rashesh Bhansali
So it’s very strong. I think we announced over 180 crores of a open order order book at the end of the quarter. This has been augmented with the new order that was received and announced as well. On top of that there is the dot com growth that comes in which is about 20 or 25% annualized usually for the overall business. Of course in Q3 it will always be a large percentage because of holiday sales but on an annual basis is between 20 and 25% so that additionally will come in. So we believe revenue growth is looking good.
We’re excited for the last quarter of the financial year and very excited to deliver a record financial year in terms of revenue. EBITDA and Pat and you know we will continue to look forward from there.
Ajay Surya
All the very best for future. Thank you.
Anmol Rashesh Bhansali
Thank you Roger.
operator
Thank you. ASAD was the last question for the day. I would not have the conference over to the management for the closing comments. Over to you sir.
Rashesh M. Bhansali
Thank you. I want to thank all the participants for joining us today. If you have any further queries or need additional information, please feel free to contact Deserio Consulting, our investor relations team. Thank you all and have a good evening.
Anmol Rashesh Bhansali
Thank you all.
operator
Thank you. On behalf of Monad Network Capital limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.