Goldiam International Ltd Q2 net profit declines 5 percent to Rs 22 crore

Goldiam International Ltd, a manufacturer and retailer of diamond jewellery reported a 5 percent decline in net profit to Rs 22 crore ($2.6 million) for the quarter ended September 30, as against Rs 23 crore in the year-ago quarter.
 

The company’s revenue for the quarter rose by 3 percent to Rs 137 crore, as against Rs 133 crore in the corresponding quarter of the previous fiscal year.
 
Goldiam’s lab‐grown diamond jewellery contributed 77 percent to Q2 revenue while revenue from the online sales was 21 percent.

During the festive season, Goldiam opened its first retail store under the brand ‘Origem’ in Mumbai. It plans to expand Origem’s footprint by opening 10 to 12 stores across key locations over the next six months.
 
Commenting on the results, Rashesh Bhansali, executive chairman of Goldiam International in a statement said, “During Q2, Goldiam witnessed several shipments delays due to flight cancellations to the United States. This impacted significantly to our Q2 revenue. These revenues were subsequently booked in the month of October.”
 
“With the onset of festive season in the US, looking ahead, we are confident that the upcoming quarter will be Goldiam’s best to date, underscoring our belief in the sustained demand for lab‐grown diamonds among our U.S. retail partners,” he added.
 
The Mumbai-based Goldiam manufactures and supplies luxury diamond jewellery to leading branded retailers in the United States and Europe.