<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--IFFIndAs--><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-01-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/IntegratedFinance_IndAS/2025-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedFinance_IndAS/2025-01-31/in-capmkt-roles" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2025-01-31/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef 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unitRef="INRPerShare">2</in-capmkt:FaceValueOfEquityShareCapital><in-capmkt:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0.54</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0.54</in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations><in-capmkt:BasicEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:BasicEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0.54</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0.54</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1)	The above unaudited standalone financial results for the quarter ended 30 June 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 05 August 2025. The financial results for the quarter ended 30 June 2025 have been reviewed by the Statutory Auditors of the Company. &lt;BR&gt; 
 &lt;BR&gt; 
2)	These unaudited standalone financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations &amp; Disclosure Requirements) Regulations 2015. &lt;BR&gt; 
 &lt;BR&gt; 
3)	The Company has allotted 320,834 equity shares having face value of Rs. 2/- each for the quarter ended 30 June 2025, under the Company's various Employees Stock Option Benefit Schemes through Vaibhav Global Employee Stock Option Welfare Trust at exercise price ranging from Rs. 2.00 – Rs. 188.95. &lt;BR&gt; 
 &lt;BR&gt; 
4)	The Income Tax Department (“the ITD”) conducted a Survey proceeding under section 133A of the Act at the premises of the Company in November 2021. Subsequently, the Company is providing all cooperation and necessary data/documents/information. During previous years, the Company received notices under Section 142(1) for Assessment Year 2019 – 20 to Assessment Year 2022 – 23 requiring further information. As on date, based upon the nature, the management does not expect any liability to arise out of these proceedings. &lt;BR&gt; 
 &lt;BR&gt; 
5)	The Board of Directors of the Company has declared interim dividend of Rs. 1.50/- per fully paid-up equity shares of Rs. 2/- each. The Company has fixed 14 August 2025 as the record date for payment of interim dividend on equity shares, The said interim dividend will be credited/dispatched to the respective equity shareholders within 30 days of declaration of dividend. &lt;BR&gt; 
 &lt;BR&gt; 
6)	Exceptional items are as below: &lt;BR&gt; 
 &lt;BR&gt; 
Amount in Rs. lakhs &lt;BR&gt; 
Particulars	Quarter ended	Year ended &lt;BR&gt; 
	30-June-2025	31-Mar-2025	30-June-2024	31-Mar-2025 &lt;BR&gt; 
Reversal of impairment of investment in STS Jewels Inc. USA	-	2,455.55	-	2,455.55 &lt;BR&gt; 
Reversal of impairment of investment in STS Global Limited, Thailand	-	1,471.87	-	1,471.87 &lt;BR&gt; 
Reversal of / (Charge for) impairment of loan to Vaibhav Lifestyle Limited	-	672.63	(86.63)	366.47 &lt;BR&gt; 
Reversal of / (Charge for) impairment of Other receivable from Vaibhav Lifestyle Limited	-	433.37	(39.03)	394.34 &lt;BR&gt; 
Total		5,033.42	125.66	4,688.23 &lt;BR&gt; 
 &lt;BR&gt; 
7)	The figures for the preceding quarter ended 31 March 2025 are the balancing figures between the audited figures in respect of the full previous financial year and published year to date figures up to 31 December 2024 of previous financial year. Also, the figures up to the end of third quarter of the respective year were only reviewed and not subjected to audit. &lt;BR&gt; 
 &lt;BR&gt; 
8)	As per Ind AS 108, ‘Operating Segments’, the Company has disclosed the segment information only as part of the consolidated financial results. &lt;BR&gt; 
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