Enclosed is the 51st Annual Report for the financial year 2024-25
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Sovereign Diamonds Limited has submitted its 51st Annual Report for FY 2024-25, with the 51st AGM scheduled for 23rd September 2025 via video conferencing. The company reported a sharp 26.25% drop in total turnover to Rs. 1,997.21 lakhs, while profit before tax plunged 92.43% to just Rs. 12.73 lakhs and net profit after tax collapsed to Rs. 1.26 lakhs from Rs. 138 lakhs in FY24. Management blamed surging gold prices — the gold share in 18k products jumped from 25–30% to 60–65%, severely squeezing gross margins. As a response, the company is shifting to cash-on-delivery/advance orders, cutting expenses across the board, and exploring lower-carat gold (14k, 9k, 4k, 5k) along with lab-grown diamonds, coloured stones, and pearls. Bank borrowings were reduced from Rs. 11.14 crore to Rs. 8.86 crore. No dividend was recommended. Shareholders will also vote on the appointment of Mr. Sumer Gehani, son of MD Ajay Gehani, as a director.
The steep profit decline reflects severe margin pressure from gold price volatility, but debt reduction and management's pivot to cheaper metals and lab-grown stones could support gradual recovery. Shareholders should note the no-dividend decision and the promoter family succession move via Sumer Gehani's board appointment.