Loading...
Skip to Content
Home  Blog  India’s Goldiam Ups Lab-Grown Offering to Weather Inflation

India’s Goldiam Ups Lab-Grown Offering to Weather Inflation

  • Blog-images/33846245518_94.png
LEAH MEIROVICH • 14-11-2022

Indian jewelry manufacturer Goldiam International has increased its lab-grown diamond inventory as it adapts to the inflationary US market following a sales drop in the first fiscal half.

The growing cost of goods and higher interest rates led to a decrease in consumer spending on discretionary items such as jewelry, the company said last week. Goldiam supplies jewelry to retailers and wholesalers in the US and other global markets.

“The company was well prepared for this situation and adjusted its product offerings accordingly,” said Goldiam executive chairman Rashesh Bhansali. “Our investment in lab-grown diamond facilities continues to reap fundamental benefits. Our sell-down of inventory for natural diamonds has also been beneficial in protecting the overall profitability for the company, despite such a volatile economic scenario. We are confident about the lab-grown diamonds business going ahead.”

Goldiam intends to increase its lab-grown diamond capacity by 40% during the year, Bhansali added.

Revenue for the six months ending September 30 fell 29% year on year to INR 2.34 billion ($28.8 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) slipped 3% to INR 622 million ($7.7 million).

Image: Lab-grown diamonds. (Shutterstock)

Latest posts

Leave a comment

6/1469, "Jaykar House", Kansara Sheri, Mahidharpura, Surat - 395003, Gujarat, India.
+91 9825132931, 0261 2400200-2400300
+91 98250 22931
inquiry@jaykar.co.in
Jaykar House is a Centre for excellence in job work industry which is situated and established their business in the best suitable location in surat city, Surat city is a place where out of 10 diamonds around the world, 9 diamonds are processed from rough to polished over here.