Indian jeweller Tribhovandas Bhimji Zaveri reported a near 65% rise in second-quarter profit buoyed by lower expenses and strong diamond demand.
The company's consolidated net profit rose to $1.08 mn for the quarter ended September 30. The growth in its diamond jewellery segment remained steady that helped cushion the blow from higher gold prices on the margins.
Its total expenses fell nearly 11.5% from a year-ago quarter. But for the second time straight, the gold and diamond jewellery maker saw lower sales with total revenue from operations down 10.5% to $57.8 million compared with last year.
Gold prices rose to near record highs this year, dampening retail demand during the festive season in India - the world's second-largest gold consumer.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
