Sky Gold and Diamonds has received approval from its board to establish a wholly owned subsidiary in Dubai, as part of its strategy to enhance export growth. As a leading Indian jewelry manufacturer, the company specializes in lightweight gold and diamond-studded pieces and is keen to tap into the strong demand for high-quality jewelry in the Middle East, particularly in Dubai.

The company plans to establish a B2B office in Dubai to boost its export revenue. By focusing on targeted market expansion and diversifying its product offerings, Sky Gold aims to strengthen its international presence in the region.

Sky Gold, along with its nominee, will subscribe to 100% of the share capital of the proposed WOS. The incorporation process is expected to be completed within two to three months, pending the necessary approvals. The company operates on a B2B model, primarily selling its products to mid-range jewelers and boutique stores that market these products through online platforms and retail outlets.

In its most recent financial results, Sky Gold reported a remarkable 309.2% increase in consolidated net profit, reaching Rs 36.54 crore compared to Rs 8.93 crore in Q3 FY24. Additionally, net sales jumped 116.7% year-over-year to Rs 997.97 crore in Q3 FY25. The company’s stock price rose by 2.96%, closing at Rs 335.90 on April 2, 2025.