The Invisible Force Behind India’s Jewellery Industry Completes 30 Years
Kama Jewelry Private Limited, one of India’s leading fine jewellery manufacturers, has completed 30 years in the industry — a milestone marked not merely by longevity, but by a legacy of consistency, discipline, and credibility that few manufacturers in the country can claim.
Established on May 27, 1996, by Colin Shah, a first-generation entrepreneur from a family of medical professionals, Kama was built on a simple yet enduring philosophy: always do the right thing, even when no one is watching. Over the last three decades, that principle has shaped one of India’s most influential yet understated jewellery manufacturing enterprises.
Headquartered in the SEEPZ Special Economic Zone in Mumbai, Kama operates four specialised manufacturing facilities dedicated to 18KT gold jewellery, natural diamond jewellery, platinum jewellery, and CNC machine-made jewellery. The company serves clients across India, the United States, the UAE, and Europe.
Kama’s FY26 performance reflects a remarkable 30-year compound annual growth rate (CAGR) of 27.1%, achieved entirely without external funding. Following the pandemic, the company recorded a CAGR of 16.8%, highlighting a strong and accelerating recovery trajectory. For FY27, Kama is targeting 23% growth with a planned production output of 6.75 lakh pieces across its domestic and export divisions.
The company has also earned significant industry recognition. The Gem and Jewellery Export Promotion Council (GJEPC), functioning under the Ministry of Commerce, recognised Kama as the Largest Diamond Jewellery Exporter for two consecutive years based on audited customs data. The company has consistently maintained a BBB Stable credit rating through major economic challenges, including demonetisation, GST implementation, the COVID-19 pandemic, and record-high gold prices touching ₹1,51,366 per 10 grams.
Kama’s 30-year milestone comes at a pivotal time for Indian jewellery manufacturing. The India–US bilateral trade framework finalised earlier in 2026 significantly reduced jewellery tariffs from over 50% to 16%, opening up what GJEPC estimates to be a near-term export opportunity worth nearly $3 billion. For the first time, India’s effective jewellery export tariff to the US is now lower than China’s, positioning Indian manufacturers as a preferred sourcing alternative for American buyers looking to diversify supply chains.
With over 60 established US clients and three decades of export expertise, Kama is strategically positioned to capitalise on this opportunity immediately, without requiring any major changes to its infrastructure or product offerings.
The company also stands out for its strong governance and financial discipline. Kama functions with the operational framework of a listed company, supported by four independent audit and compliance systems covering statutory audit, internal audit, taxation, and US audit requirements. Its BBB Stable credit rating has remained intact through every major economic disruption of the last three decades.
Unlike many manufacturing businesses of similar scale, Kama’s operations are not dependent solely on promoters. Its senior leadership team averages more than 20 years of tenure, while heads across sales, manufacturing, design, finance, and HR function with independent accountability. The company has also been operating on SAP ERP since 2013, implemented proactively as part of its long-term vision.
Speaking on the occasion, Colin Shah said, “Kama is not 30 years old. Kama is 30 years young. We began with belief. We grew with discipline. We lead with trust. The best chapters are not behind us — they are waiting to be written.”
Kama’s workforce of nearly 1,200 craftspeople is employed directly on payroll rather than through contractual arrangements — a conscious and significant investment aimed at preserving fine jewellery stone-setting craftsmanship at a time when such skills are gradually disappearing due to increasing automation.
In addition to serving as Chairman of the Gem and Jewellery Export Promotion Council from 2020 to 2022, Colin Shah guided the industry through one of the most disruptive phases in global trade history. Recently, the company also launched a CNC manufacturing facility and has initiated production trials in advanced technologies such as CNC 9-axis machining, binder jetting, and hot isostatic pressing — reinforcing its commitment to preparing for the future before the industry demands it.