While company’s rest of world sales dip 4%.
Gitanjali Gems has announced its financial results for Q1 ended June 30, reporting net sales of more than £390 million, up 31% from the previous year.
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 m £192 million in profit. Gitanjali’s jewellery divisions also enjoyed rising sales, up 36% to over £210 million.
Its sales in India have been particularly strong, doubling in the past year to £204 million, while the company’s rest of world sales were down 4%.
The company stated that it will continue to expand the brand over the next year and hope to continue their success in new markets as the trend for branded jewellery continues.
It chairman and managing director Mehul Choksi said: “We will (also) continue to offer a judicious mix of diamond and gold jewellery and a supreme retail experience in the world’s leading jewellery markets."
Besides operations in India, the group owns retail chain Samuels & Rogers in USA with 110 stores. It also operated four stores in Dubai and offers distribution to chain retailers in China and the UK. It acquired UK-based diamond brand Alfred Terry late last year, with plans to diversify its offer.
It also has a significant stake in a jewellery selling TV channel Gems TV in Japan.