Asian Star eyes Rs 1,350 cr exports in FY07

Mumbai-based Asian Star, diamond manufacturer and exporter, is planning to export diamonds worth Rs 1,350 crore in the next financial year. This year, the company has exported diamonds worth Rs 1,200 crore.

The company imports rough diamonds, which go through the cutting and polishing processes at its facility. The diamonds then are exported to clients around the world. Asian Star has 18 marketing teams spread across 15 countries. They cater to all major international diamond markets, which include the US, Belgium, Singapore, Hong Kong, Israel, Thailand, Dubai, Switzerland, among others.

The company has a cutting and polishing facility in Surat too. "We are planning to establish one more cutting and polishing facility in Surat, which will employ about 1,000 people," said Vipul Shah, director, Asian Star, adding that the company would invest around Rs 25 crore for the same. Currently, 700 people are directly employed by the company, while 8,000 are employed indirectly through sub-contractors.

"The company is also foraying into the domestic jewellery market with a production capacity of 1,50,000 pieces a year," he said.

Speaking on industrial growth, Shah said, "The diamond industry is growing at a rate of 10 per cent every year, while the diamond jewellery segment is growing at 25-30 per cent in the international market."

He further said India's contribution to the world diamond jewellery industry is merely 2 per cent. "There is a tremendous scope for India in the diamond segment, as it stands third in diamond jewellery consumption, after the US and China," he added.

Shah also said Asian Star, which has 50 per cent stake in Carbon, is into contractual arrangements with national-level jewellery brands including Tanishq.