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Goenka Diamond's 1Q Sales +24%, Profit +80%
Aug 17, 2012 7:30 AM
By Dilipp S Nag
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RAPAPORT... Goenka Diamond and Jewels Ltd. reported that group sales rose 24 percent year on year to $22 million (INR 1.22 billion) with strong diamond business revenue during its first fiscal quarter that ended on June 30, 2012. Profit increased 80 percent to $1.6 million (INR 90.6 million), partly helped by other income.
The company, which is in the business of cutting and polishing diamonds and manufacturing and retailing diamond jewelry, reported that diamond business sales rose 57 percent to $19.3 million (INR 1.07 billion). However, sales at its jewelry segment declined 51 percent to $2.7 million (INR 147 million).
Goenka Diamond’s other income jumped to $2 million (INR 109.8 million) during the quarter from $488,363 (INR 27 million) last year. Total expenditures rose 30 percent year on year to $21.5 million (INR 1.19 billion).
Goenka Diamond supplies polished diamonds primarily to wholesalers, jewelry manufacturers, traders and retailers based out of Hong Kong, South East Asia, the U.S., India and other countries. The company retails its diamond jewelry under CERES and G WILD brands.
*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange-rate conversions by Rapaport News.
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Tags:
diamond, Dilipp S Nag, Goenka Diamond, India, Jewelry, Rapaport, retail
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