Mr. Colin Shah, MD, Kama jewelry.
Mumbai-based Kama Jewelry marks three decades of fine jewelry manufacturing, Rs.982 Crore in revenue, 1,200 craftspeople, 260+ clients across four continents, and a 27% CAGR that rivals the best long-term compounders in Indian business.
Kama Jewelry Private Limited, India’s leading fine jewelry manufacturer, today marks its 30th anniversary, a milestone defined not by celebration alone, but by a record that few Indian manufacturers can match.
Founded on 27th May 1996 by Colin Shah, a first-generation entrepreneur from a family of doctors, Kama began with a single premise: do the right thing, every time, even when no one is watching. Three decades later, that premise has produced one of India’s most quietly consequential manufacturing businesses.
Operating from SEEPZ Special Economic Zone in Mumbai, Kama runs four specialist plants covering 18KT gold, natural diamonds, platinum, and CNC machine-made jewelry, serving clients that include Tanishq, CaratLane, Malabar, Senco, Grown Brilliance, Mejuri, Morellato, and over 260 others across India, the United States, the UAE, and Europe.
The Numbers
Kama’s FY26 revenue of Rs.982 Crore represents a 30-year compound annual growth rate of 27.1% generated entirely without external capital. Its post-pandemic CAGR of 16.8% confirms the recovery trajectory is accelerating. FY27 targets Rs.1,160 Crore, representing 23% growth, with output planned at 6.75 lakh pieces and gold volume of 1,735 kilograms across its export and domestic divisions.
Third-Party Recognition
Tanishq, India’s largest jewelry brand and part of the Tata Group, awarded Kama its Vendor of the Year and Best After Sales Service recognition. The Gem and Jewellery Export Promotion Council (GJEPC), operating under the Ministry of Commerce, recognised Kama as the Largest Diamond Jewelry Exporter in two consecutive years, an award based on audited customs data, not self-declaration. Kama holds a BBB Stable credit rating, maintained through demonetisation, GST transition, COVID, and gold prices reaching an all-time high of Rs.1,51,366 per 10 grams.
A Timely Milestone
Kama’s anniversary arrives at a structurally significant moment for Indian jewelry manufacturing. The India-US bilateral trade framework finalised in early 2026 reduced jewelry tariffs from over 50% to 16%, creating what GJEPC estimates as a near-term export opportunity of $3 billion. India’s effective tariff rate on jewelry exports to the US now sits below China’s for the first time, making Indian manufacturers the preferred supply chain alternative for US buyers diversifying away from Chinese sourcing.
Kama, with 60+ existing US clients and three decades of verified export experience, is positioned to capture this opportunity immediately, without needing to change its product mix or infrastructure.
Governance and Financial Discipline
Kama is one of the few private manufacturers in India that operates with the governance infrastructure of a listed company. Four independent audit and compliance bodies oversee the business: statutory audit (CNK & Associates LLP), internal audit (Ashok Kapadia & Associates), tax (N A Shah & Associates), and US audit (S Adelsberg & Co). The company carries a BBB Stable credit rating maintained through every economic shock of the past three decades.
Unlike many manufacturing businesses at this scale, Kama is not promoter-dependent. Senior leadership averages over 20 years of tenure. Functional heads across sales, manufacturing, design, finance, and HR operate with independent accountability. SAP ERP has governed operations since 2013, built proactively, not in response to any requirement.
Culture and Continuity
The company’s 1,200 craftspeople are employed directly on payroll, not through contract arrangements – preserving fine jewelry stone-setting skills that are disappearing globally as automation advances. This-is a deliberate, costly choice that gives Kama quality control and craft depth no competitor replicates at scale.
Colin Shah served as Chairman of the GJEPC from 2020 to 2022, leading the industry through the most disruptive period in modern trade history. The company has also recently launched a CNC manufacturing facility and is conducting production trials in CNC 9-axis machining, binder jetting, and hot isostatic pressing – technologies it describes as preparing before being required to.
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