This Ramesh Damani portfolio stock surges 16%; zoomed 159% in 5 months

Shares of Goldiam International hit a new high of Rs 483.80, as they rallied 16 per cent on the BSE in Tuesday's intra-day trade amid heavy volumes on expectation of healthy earnings.

Shares of Goldiam International hit a new high of Rs 483.80, as they rallied 16 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes on expectations of healthy earnings. In comparison, the BSE Sensex was up 0.3 per cent at 78,205 at 10:53 AM.

 

The stock of the smallcap company has surpassed its previous high of Rs 454.80, touched on December 17, 2024. In five months, it has more than doubled, or zoomed 159 per cent from the level of Rs 186.65, on August 7, 2024.

 

Investor Ramesh Damani held 1.68 million equity shares, or 1.58 per cent stake, in Goldiam International as on September 30, 2024, the shareholding pattern of the company showed.

 

 

Goldiam International today announced that the company has successfully launched its dedicated website for its domestic retail lab-grown diamond brand, ORIGEM, under the domain, www.origemindia.com.

 

The website will serve as a digital platform to showcase ORIGEM’s innovative product portfolio and its commitment to redefining luxury with sustainability at its core. The launch of this platform aligns with Goldiam’s strategic objective of expanding its digital footprint and enhancing accessibility to lab-grown diamonds in the domestic market, the company said in an exchange filing.

 

Goldiam International is an OEM partner and exporter of designer luxury diamond jewellery. The company is functioning as the manufacturer of choice for many of the leading global branded jewellery retailers, departmental stores and wholesalers across American markets. The company is also known for utilising responsibly sourced diamonds, leveraging cutting-edge technologies and efficient manufacturing processes for optimal costing and quick delivery lead times. 

 

Targeting the mid-to-affordable diamond and bridal jewellery segments, Goldiam has a dedicated sales office in New York, with design teams based in both the US and India.

 

During the July to September quarter (Q2FY25), Goldiam reported a robust 34 per cent year-on-year (YoY) growth in standalone  revenue, and a 74 per cent increase in standalone profit after tax. Consolidated revenue for Q2, however,  saw  only  a  marginal  increase, primarily due to shipment delays caused by flight alterations/ cancellations to the US, impacting consolidated sales. These sales have since been recorded subsequently in October, 2024. Excluding the shipment delays, the company would have posted a significant 38 per cent revenue growth for Q2.

 

With news orders received during Q2FY25, Goldiam’s order book position as on September 30, 2024 stands at about Rs 270 crore. This order book will be fulfilled within 3‐4 months, the company had said while announcing its Q2 results on November 7, 2024.

 

With the onset of the festive season in the US, looking ahead, the management had said they are confident that the upcoming quarter will be Goldiam's best to date, underscoring its belief in the sustained demand for lab‐grown diamonds among its US retail partners. “Concerns regarding declines in lab‐grown diamond prices, in our view, appear to be largely overstated”, the management said.

 

Meanwhile, the meeting of the board of directors of the company will be held on February 7, 2025, to consider and approve its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024. The company said the board will also consider to declare a second interim dividend-2024-25, if any, and to fix the record date for the purpose of payments of dividend.