Head - Cost Accountant - CA/ICWA

Job Title : Head Cost Accountant

Location : Mumbai

Department : Finance

Reports to : CFO

Role Overview :

- The role will be responsible for driving the costing and pricing strategy across the Diamond and Jewellery divisions at a group level. The role will focus on end-to-end cost visibility, inventory valuation, profitability optimization, and scientific pricing frameworks, covering the entire value chain from rough procurement to finished jewellery sales.

- The role will act as a strategic finance partner to business and sales teams, ensuring data-driven pricing decisions, margin protection, and cost efficiency across divisions.

Key Responsibilities :

- Costing & Profitability Analysis :

i. Develop and implement cost accounting frameworks across Diamond and Jewellery divisions.

ii. Determine product-wise, size-wise, and quality-wise costing for entire range of products and services

iii. Conduct profitability analysis by product category, customer segment, and geography.

iv. Monitor actual cost vs standard cost and analyze variances and drive corrective actions.

v. Provide actionable insights on margins, cost drivers, and profitability improvement opportunities.

- Manufacturing Cost Control :

i. Track cost elements including rough cost, manufacturing cost, metal cost, labor, yield loss, and overhead allocation.

ii. Analyze manufacturing yield and recovery ratios from rough to polished diamonds and jewellery manufacturing efficiencies

iii. Work with production teams to identify cost inefficiencies and improvement opportunities.

iv. Monitor cost per carat (diamond) and cost per piece/gram (jewellery) per SKU's

- Inventory Valuation & Control :

i. Ensure accurate valuation of rough diamonds, WIP, polished inventory and finished jewellery.

ii. Develop inventory costing methodologies aligned with accounting standards.

iii. Monitor stock movement across manufacturing stages.

iv. Monitor inventory ageing and slow-moving stock, linking it to pricing decisions.

v. Coordinate inventory reconciliation and physical verification.

- Budgeting & Cost Planning :

i. Prepare manufacturing cost budgets and cost forecasts.

ii. Monitor budget vs actual cost performance.

iii. Support leadership in strategic cost planning and profitability improvement initiatives.

- Pricing Strategy & Governance :

i. Develop and implement pricing strategies for raw material, WIP and FG aligned with business and market dynamics.

ii. Build scientific pricing models based on cost, demand, inventory ageing, and market benchmarks.

iii. Define and monitor pricing structures, discounting frameworks, and approval mechanisms.

iv. Partner with sales and merchandising teams for price positioning and deal evaluation.

v. Track realized vs targeted margins and ensure pricing discipline.

vi. Enable dynamic pricing decisions in response to market fluctuations.

- Financial Reporting & MIS :

i. Ensure compliance with accounting standards and internal financial policies.

ii. Provide cost data for financial reporting and management dashboards.

iii. Support internal and external audits related to costing and inventory valuation.

iv. Provide division-wise and group-level profitability insights.

v. Support financial reporting with accurate costing inputs.

- Process Improvement & Automation :

i. Implement costing systems and process automation.

ii. Strengthen cost controls across manufacturing and trading operations.

iii. Develop analytical dashboards for cost and profitability monitoring.

iv. Drive continuous improvement initiatives in cost management.

- Business Partnering :

i. Work closely with manufacturing, planning, procurement, sales, and finance teams.

ii. Provide cost insights to support pricing decisions and customer profitability analysis.

iii. Partner with operations to improve yield and optimize manufacturing costs.

Key Skills & Competencies :

- Strong knowledge of cost accounting principles and manufacturing costing

- Expertise in inventory valuation and yield analysis

- Strong analytical and financial modeling skills

- Understanding of diamond manufacturing processes

- Experience in SAP , ERP systems and cost MIS reporting

- Ability to drive cost optimization initiatives

Qualifications & Experience :

- CA / ICWA or equivalent qualification.

- 10-15 years of experience in cost accounting / financial control

- Experience in diamond, jewelry, or manufacturing industry preferred