Suashish Triples Net Profits in Q2

India-based Suashish Diamonds Limited, a leading diamond and diamond jewelry firm and Diamond Trading Company (DTC) Sightholder, reported that profits have tripled to Rs. 263.3 million ($6.5 million) from Rs. 83.7 million ($2 million) in 2006.

Sales during the quarter, declined to Rs.1825.6 million ($45.17 million) from Rs. 2,116.24 million ($52.36 million) in the second quarter of 2006.

According to managing director Ashish Goenka, “The Company has performed exceedingly well, in spite of a marginal drop in turnover, the company continues to strengthen its bottom-line. We continue to focus on driving operational efficiencies and enhance efforts to build our proprietary business.”

The decision of going downstream with a higher focus on jewelry sales, through retail chains and through its brand Ishi’s, has paid off in the form of increased customer loyalty and substantially better-margins, the company said.

The company is promoting its ‘Ishi’s’ brand in India, where diamond jewelry consumption grew by over 26 percent in 2006. Ishi’s is available in over 130 outlets in India and the Middle East.