Goenka Diamond and Jewels Ltd. reported that group sales fell 13 percent year on year to $23.1 million (INR 1.26 billion) as diamond and jewelry revenue declined during its second fiscal quarter that ended on September 30, 2012. Profit decreased 33 percent to $1.4 million (INR 77.2 million). Total expenditures fell 17 percent year on year to $21.1 million (INR 1.15 billion), Rapaport reports.
The diamond and jewelry manufacturer reported that diamond business sales fell 9 percent to $15.9 million (INR 866.4 million). Sales at its jewelry segment declined 21 percent to $7.1 million (INR 388.6 million). The company retails its jewelry under CERES and G WILD brands.
Goenka Diamond’s ''other'' category income dropped 88 percent to $256,336 (INR 13.9 million) during the quarter from $2.2 million (INR 119.2 million) last year.
The company stated that it has formed a wholly owned subsidiary in Dubai in the name of Goenka Diamond & Jewels DMCC. Goenka Diamond supplies polished diamonds primarily to wholesalers, jewelry manufacturers, traders and retailers based out of Hong Kong, South East Asia, the U.S., India and other countries.
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