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Gitanjali Profit +51% as Jewelry Outpaces Diamonds

May 31, 2016 8:57 AM   By Rapaport News
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RAPAPORT... Gitanjali Gems, one of India’s largest jewelry retailers, said revenue and profit surged in the past fiscal year driven by a strong performance in its jewelry division while its diamond revenue slid.

Group sales jumped 22 percent to $2.08 billion (INR 139.84 billion) and profit soared 51 percent to $20.1 million in the 12 months to March 31, the Mumbai-based company reported. Jewelry sales surged 43 percent to $1.67 billion, outperforming the diamond segment, where revenue fell 24 percent to $475.4 million.

In the fourth fiscal quarter, revenue increased 23 percent year on year to $636.4 million and the quarterly loss was reduced by 79 percent to $1.2 million.
Tags: Gitanjali, Gitanjali Gems, India, Jewelry, mumbai, Rapaport News, retail
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