Advanced Search

US Rebound Drives Sales Jump at India’s Goldiam

May 22, 2022 10:00 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

Indian jewelry manufacturer Goldiam International saw strong sales growth in the past fiscal year amid resurgent consumer demand and the expansion of the company’s lab-grown business.

Revenue jumped 72% to INR 7.12 billion ($915.1 million) for the 12 months ending March 31, management reported Friday. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 81% to INR 1.55 billion ($19.9 million).

The “US witnessed a significant recovery in consumer spending post the Covid-19 disruption,” according to the Mumbai-based company, which supplies retailers in America and Europe. “Jewelry stores in the US [engaged in] inventory restocking for Thanksgiving and the holiday season, which led to a surge in pent-up demand.”

In addition, Eco-Friendly Diamonds, a synthetics brand that Goldiam acquired last year, expanded its capacity in response to consumer appetite, with the category contributing 20% of group revenues for the year.

Image: Indian bridal jewelry. (Shutterstock)
Tags: Eco-Friendly Diamonds, Europe, Goldiam, Goldiam International, India, Jewelry, jewelry manufacturing, lab-grown, lab-grown diamonds, mumbai, Rapaport News, Synthetics, US
Similar Articles
Rough diamond sortingSmall-Stone Scanner Drives Sarine Sales
Nov 14, 2022
Sarine Technologies’ revenue jumped 20% year on year to $14.5 million in the third quarter as an increase in machine
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First