RAPAPORT… Indian jewelry manufacturer Goldiam International saw strong sales growth in the past fiscal year amid resurgent consumer demand and the expansion of the company’s lab-grown business.
Revenue jumped 72% to INR 7.12 billion ($915.1 million) for the 12 months ending March 31, management reported Friday. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 81% to INR 1.55 billion ($19.9 million).
The “US witnessed a significant recovery in consumer spending post the Covid-19 disruption,” according to the Mumbai-based company, which supplies retailers in America and Europe. “Jewelry stores in the US [engaged in] inventory restocking for Thanksgiving and the holiday season, which led to a surge in pent-up demand.”
In addition, Eco-Friendly Diamonds, a synthetics brand that Goldiam acquired last year, expanded its capacity in response to consumer appetite, with the category contributing 20% of group revenues for the year.
Image: Indian bridal jewelry. (Shutterstock)
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