Suashish Diamonds net profit up 100% to Rs 28.23 cr

Riding on the back of 16.32 per cent exports jump, Suashish Diamonds reported 100 per cent gain in net profit to Rs 28.23 crore in the calendar year 2005, as against Rs 14.41 crore of 2004. The total exports valued at Rs 747.94 crore during the year under consideration.

The company achieved a turnover of Rs 805.74 crore, registering a growth of 18.75 per cent. It announced a dividend of 15 per cent on the equity share capital.

Terming the performance as "overdrive and a year of excellence", Ashish Goenka, managing director, said that we were buoyed over the future of the gems and jewellery sector in India and overseas. The company's gems and jewellery exports have grown by 6 per cent to $16.67 billion in 2005 from $15.68 billion in 2004.

"The company's diamond business has made inroads into the South East Asian markets of Hong Kong and China. Its conscious decision of moving closer to the retailers is paying off in the form of increased customer loyalty and substantially better margins" said Goenka.

He also mentioned, "On the jewellery front, the company is a vendor partner to five out of the top ten jewellery retailers in the world and aims to take the relationships to the next level."

Recognising the growth potential in branded jewellery, and the emerging retail landscape, he said, "The company is all set to grow its jewellery brand Ishi's from 100 outlets by over 50 per cent."

Suashish Diamonds has also signed a joint venture with the world's leading 22 carat gold jewellers, to make foray into the West Asia, primarily the UAE.

The company, a DTC sightholder and a $200 million conglomerate, is one of the world's leading diamond and jewellery manufacturing and exporting group.