Shrenuj FY Profit Up 114%, Diamond Sales $294 Million

Mumbai-based diamond firm Shrenuj posted $408.2 million in net sales in the fiscal year ending March 31. This is a 29.4 percent increase over the previous year. Diamond sales increased 43.1 percent to $293.8 million, the company reported on Saturday.

The company was buoyed by a jump in trade in the fourth quarter, which pulled up the entire year’s results. Net sales in the quarter totaled $130.9 million, a 64.5 percent leap over the fourth quarter of prior year.

Diamond sales leaped 75.3 percent to $101.3 million. Studded jewelry sales increased 7.2 percent to 24.3 million.

The DTC Sightholder posted net profit of $11 million for the 2009-2010 fiscal year, soaring 114.3 percent year-over-year.

“We have seen a positive upturn in the US market in the first quarter,” said Shrenuj Chairman and Managing Director Shreyas Doshi. “Our outlook for Indian, Chinese and US markets remains optimistic. Having said that, the overall economic scenario still remains volatile. Europe remains a matter of concern.”