Gitanjali Gems has announced its financial results for the first financial quarter ended June 30, 2012, reporting net sales of more than $612.1 million, up 31% from the previous year, Professional Jeweller reports.
The diamond jewellery and silverware manufacturer and retailer expanded its brand to include gold jewellery and more traditional styles of India jewellery such as polki, kundan which it believes contributed to its success. Diamond sales are also up for the company, increasing 29% compared to last year with $301.6 million in profit. Gitanjali's jewellery divisions also enjoyed rising sales, up 36% to over $330.2 million.
Its sales in India have been particularly strong, doubling in the past year to $321.1 million, while the company's rest of world sales were down 4% to $290.9 million.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
