Gitanjali Q1 Sales Grow 43%

Mumbai-headquartered Gitanjali Gems reported a 43 percent growth in sales in the first quarter to Rs. 9.597 billion ($237.6 million). Net earnings for the period were Rs. 360.5 million ($8.93 million).

The company, a DTC Sightholder, said that its jewelry segment grew 159 percent year-over-year to Rs. 3.335 billion ($82.6 million).

Last May, the joint venture D`Damas Jewellery became a 51 percent subsidiary. D`Damas Jewellery is primarily in the business of manufacturing plain and diamond-studded precious metal jewelry.

In August, it formed Gitanjali Ventures DMCC. Located at the Dubai Multi Commodities Center, it is a diamond, precious stones, diamond jewelry and pearls trading company.