Revenue Surges at India’s Asian Star

RAPAPORT… Sales at Indian diamond manufacturer Asian Star soared in the first fiscal quarter as the global market recovered.

Revenue increased more than fivefold to INR 8.65 billion ($116.5 million) for the three months ending June 30 from INR 1.64 billion ($22 million) a year earlier, the Mumbai-based company said Monday. Net profit skyrocketed to INR 207.74 million ($2.8 million) versus INR 4.3 million ($58,012) last year.

The figures, which include the company’s subsidiaries, reflect a favorable comparison with the same period in 2020, when the pandemic weighed on diamond demand and forced many businesses to close.

Diamond revenue rose to INR 7.67 billion ($103.5 million) from INR 1.36 billion ($18.4 million) a year ago, while sales of finished jewelry grew to INR 1.4 billion ($18.9 million) versus INR 275.5 million ($3.7 million) the previous year.

The diamond division recorded a profit of INR 169 million ($2.2 million) before interest and tax, compared with a loss of INR 26 million ($349,782) a year ago. Profit from jewelry operations came to INR 29.6 million ($398,179) after the company saw a loss of INR 22.7 million ($305,384) for the same period of 2020.

Image: A diamond and gemstone ring. (Asian Star)