RAPAPORT… Revenue at Mumbai-based diamond and jewelry manufacturer Asian Star surged in the past fiscal year as the economy recovered and Covid-19 restrictions loosened.
Group revenue — including at subsidiaries — jumped 73% to INR 44.3 billion ($570.3 million) for the year ending March 31, the company said Monday. Diamond sales soared 82% to INR 39.02 billion ($502.3 million), while revenue from jewelry climbed 42% to INR 7.57 billion ($97.4 million). Profit spiked 47% to INR 940.4 million ($12.1 million).
The growth comes after sales slid 16% in 2021, when the Indian government implemented a lockdown and heavy Covid-19 restrictions.
Revenue grew 15% year on year to INR 12.54 billion ($161.6 million) in the fourth fiscal quarter. Profit fell 43% to INR 218.7 ($2.8 million).
Image: Diamond rings. (Asian star)
Asian Star Full-Year Revenue Skyrockets
The Bottom Line
- Asian Star's group revenue rose 73% to INR 44.3 billion ($570.3 million) for the fiscal year ending March 31.
- Diamond sales increased 82% to INR 39.02 billion ($502.3 million), while jewelry revenue grew 42% to INR 7.57 billion ($97.4 million).
- Profit climbed 47% to INR 940.4 million ($12.1 million), despite a 43% profit decline in the fourth quarter.
More Stories
Namibia Authorities Investigate Allegations About Corruption in Diamond Sector
Brilliant Star denies activist’s allegations about it; De Beers terminates company’s sight following separate review.
Shai Schnitzer Becomes Third Generation of Family to Head IDE
His grandfather, Moshe Schnitzer, and father, Shmuel Shnitzer, both served as president.
Romanov Sapphire Sails Past Estimate to Score $5M at Sotheby’s
Auction house originally predicted Cartier bracelet would bring in up to $2 million.
