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Gitanjali Slides on Weak Diamond Sales

Feb 20, 2017 3:00 AM   By Rapaport News
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 Gitanjali Gems’ share price slumped last week after the Indian jeweler reported a drop in sales and profit for its fiscal third quarter, which ended December 31, 2016.

The company, one of India’s largest jewelry retailers, said revenue fell 1.4 percent year on year to $499.9 million (INR 33.53 billion) during the period. Net profit slid 17 percent to $8.7 million (INR 586.8 million).

Jewelry sales rose 8 percent to $436 million (INR 29.24 billion), while revenue from the retailer’s loose diamond division dropped 35 percent to $79.2 million (INR 5.31 billion).

Shares in the company fell 9 percent on the National Stock Exchange of India on the day following the announcement.

Gitanjali’s core business is its retail stores in India, but it also owns Samuels Jewelers in the U.S. and operations in the U.K., Belgium, Italy, the Middle East, China, Singapore and Japan.
Tags: Gitanjali Gems, India, Jewelry, mumbai, Rapaport News, retail
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