Revenue at Mumbai-based diamond and jewelry manufacturer Asian Star fell 21% in the past fiscal year.
Group revenue — including at subsidiaries — dropped to INR 35.52 billion ($427.3 million) for the year that ended March 31, the company said last week. Diamond sales fell 22% to INR 30.75 billion ($369.9 million), while revenue from jewelry decreased 14% to INR 6.26 billion ($75.3 million). Profit slipped 7% to INR 775.8 million ($9.3 million).
The 21% decline is significantly lower than the 1% increase in sales seen in fiscal 2023. In general, the economy has seen a downturn, and China, one of the largest destinations for jewelry, has recently reported a spike in gold jewelry, as opposed to diamonds, which are higher priced.
Revenue fell 8% year on year to INR 9.94 billion ($119.6 million) in the fourth fiscal quarter. Profit for the period rose 8% to INR 185.8 million ($2.2 million).
Image: Jewelry manufacturing. (Asian Star)
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