PC Jeweller Debt Slashed, Eyes Expansion

PC Jeweller Ltd. has announced a robust 32% year-on-year increase in standalone revenue for the March quarter, a testament to its ongoing turnaround efforts. The company also reported significant progress in debt reduction, successfully decreasing its outstanding bank debt by roughly 23% under a joint settlement framework.

In a strategic move to broaden its retail presence, PC Jeweller has entered into a memorandum of understanding with the National Skill Development Corporation. This collaboration aims to cultivate up to 200,000 micro-entrepreneurs in the gems and jewellery sector over the next five years.

Additionally, the company is exploring backward integration by establishing PCJ Mining SARL in Chad. This new subsidiary signifies early steps into precious metal mining exploration, potentially securing supply chains. PC Jeweller remains committed to becoming debt-free soon and capitalizing on upcoming demand.