Goldman Sachs, UBS Securities buy 6% in Shrenuj

Mumbai, September 4, 2007: Goldman Sachs Investments, leading global investment management firm has bought 20, 00, 000 shares at Rs. 42.50 (FV-Rs.2) amounting to 3.19% of companies equity capital.

Global securities firm UBS Securities also bought 19, 36,000 shares at Rs.42.50 amounting to 3.09% of equity capital of the company.

HDFC Securities Ltd. sold 12, 95,000 shares at Rs. 42.50 amounting to 2.07% of equity capital of the company.

Acquisition of Companies shares by global financial institutions has reinforced the confidence of investors in Diamond and Jewellery Sector.

Entry of global investment arms into the company has resulted in good liquidity in the stock.

About Shrenuj & Company Ltd.:

Shrenuj & Company, diamond and jewelry manufacturing company has its operations spread over India, China, Hong Kong, Japan, Germany, Israel, France, Switzerland, Belgium, Dubai, UK, Mauritius and USA. Shrenuj exports diamonds and studded jewellery to US, Japan, Hong Kong, EU region, Middle East and Australia. It is pioneered in laser cutting technology and remains technology leader in its segments.

Shrenuj has wide range of brands like Arisia, Sveni & Brava (in India), Fiana (in France), Amante 88 (in Hong Kong), MasterCut, Scintilla88 (in Australia), Valina and Carro 74 (in USA). It is one of the authorized manufactures of Platinum Guild International in India and one of the participants in 'Forevermark' programme of the DTC in India as well as Japan. Shrenuj had acquired Daily Jewellery in Hong Kong in 2003.

Shrenuj has recently acquired Simon Golub & Sons, 80 years old jewelry Distribution Company based in Seattle, USA. It supplies US $ 100 million worth of jewelry to world major retail outlets like J C Penny, Wal-Mart, Sterling and Zales on commission basis. Besides this, it also sells US $ 36 million worth of jewelry to independent retailers. It has presently 2400 accounts across US and Canada.

Shrenuj presently has 3 retail stores and is in the process of launching 35 retail stores by March, 2008 under different formats across 29 major cities in India. It spends US $ 150,000 per annum on new design development and process improvement activities.