<?xml version="1.0" encoding="UTF-8"?>
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2022-03-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2022-03-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt-types" 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-2022-03-31.xsd"/>

<xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit>
<in-capmkt:NSESymbol contextRef="OneI">PCJEWELLER</in-capmkt:NSESymbol>
<in-capmkt:ISIN contextRef="OneI">INE785M01013</in-capmkt:ISIN>
<in-capmkt:TypeOfIntimation contextRef="OneD">New</in-capmkt:TypeOfIntimation>
<in-capmkt:DateOfProposedMeeting contextRef="OneD">2024-07-13</in-capmkt:DateOfProposedMeeting>
<in-capmkt:WhetherTradingWindowIsClosed contextRef="OneD">true</in-capmkt:WhetherTradingWindowIsClosed>
<in-capmkt:StartDateOfTradingWindow contextRef="OneD">2024-03-19</in-capmkt:StartDateOfTradingWindow>
<in-capmkt:EndDateOfTradingWindow contextRef="OneD">2024-08-16</in-capmkt:EndDateOfTradingWindow>
<in-capmkt:Agenda1 contextRef="OneD">Fund raising</in-capmkt:Agenda1>
<in-capmkt:ModeOfRaisingFunds contextRef="OneD">Preferential issue</in-capmkt:ModeOfRaisingFunds>
<in-capmkt:RemarksWebsiteDissemination contextRef="OneI">Trading window is closed since March 19, 2024 and will continue to remain closed till 48 hours after announcement of results of the Company for the quarter ended June 30, 2024. The date of Board meeting for approval of the results is yet to be finalised. Hence, tentative date is mentioned in trading window end date.</in-capmkt:RemarksWebsiteDissemination>
</xbrli:xbrl>