Varyaa Creations Ltd. (VCL) is expanding its business from wholesale trading to include jewelry manufacturing, tapping into Mumbai's market. With plans to venture into Agra's jewelry market by FY25 and explore the emerging lab-grown diamond industry, VCL aims to diversify. However, lacking major assets and relying on job workers for production, VCL hasn't issued dividends since inception. Financially, while recent profits surged in FY24's first three quarters, doubts arise about the sustainability and authenticity of these gains. Given its dependence on third-party contracts in a competitive market, VCL's IPO presents a high-risk, low-return proposition, suggesting caution for potential investors.