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<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Notice_Of_Shareholders_Meeting/2024-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Notice_Of_Shareholders_Meeting/2024-05-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2024-05-31.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">UTSSAV</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="D_DetailofResolution1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">UTSSAV</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-31</xbrli:startDate><xbrli:endDate>2026-08-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain1</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_DetailofResolution1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">UTSSAV</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain1</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_DetailofResolution2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">UTSSAV</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-31</xbrli:startDate><xbrli:endDate>2026-08-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain2</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_DetailofResolution2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">UTSSAV</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ResolutionOrAgendaAxis"><in-capmkt:ResolutionOrAgendaDomain>ResolutionOrAgendaDomain2</in-capmkt:ResolutionOrAgendaDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">UTSSAV</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">UTSSAV CZ GOLD JEWELS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-09-24</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainI">11:00:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:DateOfReport contextRef="MainI">2026-08-31</in-capmkt:DateOfReport><in-capmkt:EventForNoticeOfShareholdersMeeting contextRef="MainI">Annual General Meeting</in-capmkt:EventForNoticeOfShareholdersMeeting><in-capmkt:ModeOfShareholdersMeeting contextRef="MainI">Video Conference (VC) or Other Audio-Visual Means (OAVM)</in-capmkt:ModeOfShareholdersMeeting><in-capmkt:NumberOfShareholdersMeeting contextRef="MainI">19th Annual General Meeting</in-capmkt:NumberOfShareholdersMeeting><in-capmkt:DayOfShareholdersMeeting contextRef="MainI">Thursday</in-capmkt:DayOfShareholdersMeeting><in-capmkt:DateOfShareholdersMeeting contextRef="MainI">2026-09-24</in-capmkt:DateOfShareholdersMeeting><in-capmkt:ShareholdersMeetingCommencementTime contextRef="MainI">11:00:00</in-capmkt:ShareholdersMeetingCommencementTime><in-capmkt:PlaceOfShareholdersMeeting contextRef="MainI">Mumbai</in-capmkt:PlaceOfShareholdersMeeting><in-capmkt:NumberOfAgendaOrBusinessToBeTransacted contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfAgendaOrBusinessToBeTransacted><in-capmkt:TypeOfResolution contextRef="I_DetailofResolution1">Ordinary Resolution</in-capmkt:TypeOfResolution><in-capmkt:CategoryOfResolution contextRef="I_DetailofResolution1">Adoption of Financial Statements</in-capmkt:CategoryOfResolution><in-capmkt:BriefDetailsOfResolution contextRef="D_DetailofResolution1">TO CONSIDER AND ADOPT THE AUDITED FINANCIAL STATEMENTS, ON STANDALONE BASIS, OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026 TOGETHER WITH THE REPORTS OF THE BOARD OF DIRECTORS AND INDEPENDENT AUDITORS THEREON</in-capmkt:BriefDetailsOfResolution><in-capmkt:TypeOfResolution contextRef="I_DetailofResolution2">Ordinary Resolution</in-capmkt:TypeOfResolution><in-capmkt:CategoryOfResolution contextRef="I_DetailofResolution2">Appointment/Re-appointment/Removal/Ratification/Retirement/Remuneration</in-capmkt:CategoryOfResolution><in-capmkt:SubCategoryOfResolution contextRef="I_DetailofResolution2">Retirement by rotation</in-capmkt:SubCategoryOfResolution><in-capmkt:BriefDetailsOfResolution contextRef="D_DetailofResolution2">TO APPOINT MR. HITESH JAGDISH CHHAJED (DIN: 02134198), WHO RETIRES BY ROTATION AND BEING ELIGIBLE, OFFERS HIMSELF FOR RE-APPOINTMENT</in-capmkt:BriefDetailsOfResolution><in-capmkt:DesignationOfDesignatedPerson contextRef="I_DetailofResolution2">Non-Executive - Non-Independent Director</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="D_DetailofResolution2">HITESH JAGDISH CHHAJED</in-capmkt:NameOfDesignatedPerson><in-capmkt:DirectorIdentificationNumberOfDirector contextRef="D_DetailofResolution2">02134198</in-capmkt:DirectorIdentificationNumberOfDirector><in-capmkt:DateOfStartOfTenure contextRef="D_DetailofResolution2">2026-09-24</in-capmkt:DateOfStartOfTenure><in-capmkt:DateOfEndOfTenure contextRef="D_DetailofResolution2">2027-09-30</in-capmkt:DateOfEndOfTenure></xbrli:xbrl>
