Goldiam International : A rare shareholder friendly and debt free Jewelry company

Just tracking this company. Prima facie looks good. But few concerns:

1. LGD EBITDA margins at 50% are too high to sustain. Managment feels 30% will be long term margins
2. No real moat in the business
3. Majorly exposed to US mkts where recession could be a spoilsport.
4. Tradtional jewellery business may not have strong growth so it will partially offset superfast growth of LGD.
5. Lastly, not sure how well LGD will be accepted. I think there is question mark over its resale value.