RAPAPORT... Revenue and profit at Indian diamond-manufacturer Asian Star
fell in the first fiscal quarter, reflecting a slowdown in demand for polished diamonds.
Group revenue declined 7% year on year to INR 8.25 billion
($114.8 million) in the three months ending June 30, the company said last
week. Net profit slid 10% to INR 260.8 million ($3.6 million).
Revenue from diamond sales, Asian Star’s largest division, decreased
11% to INR 7.39 billion ($102.8 million) for the quarter. Proceeds from the
company’s jewelry division rose 32% to INR 1.46 billion ($20.3 million).
Profit from diamond sales slipped 21% to INR 290 million ($4
million), while income from jewelry grew 74% to INR 56 million ($779,327). The
manufacturer has been focusing on improving its jewelry operations, as it
previously noted that the division offered better profitability than diamonds.
Total revenue was less than the sum of the combined diamond-
and jewelry-division figures because certain transactions spanned both
segments.
Image: Diamond rings. (Asian Star)
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