PC Jeweller has cleared and repaid its outstanding debt to one more consortium bank, taking the jewellery retailer a step closer to becoming debt-free this month.

The company said it has now fully repaid outstanding dues to 11 of the 14 consortium banks, with all repayments completed ahead of their scheduled due dates. PC Jeweller has also discharged more than 96% of the outstanding debt owed to the remaining three banks.

The company said less than 4% of its outstanding debt remains with these three lenders and reiterated that it is firmly on track to clear the balance within the current month.

The debt reduction is expected to materially strengthen PC Jeweller’s balance sheet and overall financial position, as the company continues its turnaround following its settlement agreement with lenders in September 2024.