Suashish Diamonds Report 53% Rise in Net Profit

The strategy of expanding its presence in the emerging markets of India and China and the decision to work more closely with retailers has worked well for Suashish Diamonds, which reported significant increases in both revenues and earnings in 2006.

According to a company press release, it registered a 53.5 percent rise in profit after tax from Rs. 282.3 million ($6.56 million) in 2005 to Rs.433.2 million ($10.07 million) in 2006 on an annual turnover of Rs.9,334.7 million ($216.98 million), up by 8.26 percent from Rs.8,622.4 million ($200.43 million) in the previous year.

Suashish Diamonds Limited is a Diamond Trading Company Sightholder and one of India’s leading diamond and diamond jewelry manufacturers.

An interim dividend of 15 percent on equity share capital has been approved and a total of Rs 31.1 million ($723,000) paid.

Commenting on plans for the coming year, Ashish Goenka, managing director, said, “The decision of moving closer to retailers has paid rich dividends in the form of increased customer loyalty and substantially better-margins. The brand Ishi’s has done very well in the past year and the company will be further investing to increase its distribution by 100 percent”.