WhatsApp
Email
Facebook
Twitter
LinkedIn
Indian diamond manufacturer Asian Star saw its sales slip in the first fiscal quarter, as weak demand for small diamonds persisted.
Revenue on a consolidated basis – which includes subsidiaries in the US, Dubai and Hong Kong – fell 11% year on year to INR 6.47 billion ($67.7 million) for the three months that ended June 30, the company said last week. The figure is also 13% lower than last quarter’s result. Net profit dropped 38% to INR 120.6 million ($1.3 million).
Sales from the company’s loose-diamond segment declined 22% to INR 4.26 billion ($44.6 million) for the period and slid 11% from the previous three months. Meanwhile, revenue from jewelry rose 17% to INR 2.35 billion ($24.1 million).
Asian Star derives most of its business from diamond manufacturing, leaving revenue exposed to downturns in the industry. However, the improvement in its jewelry segment partially offset weakness in the loose-diamond category.
Image: A diamond bracelet. (Asian Star)
