RAPAPORT, AUGUST 10, 2011: India's Jewelry & Fashion Show in Mumbai

RAPAPORT...

Rapaport News brings highlights from Mumbai's jewelry week along with comments from the recent IIJS show. U.S. ecommerce sales during the second quarter were robust, but the average price per transaction fell and real growth came from an increase in those shoppers buying products online.

Shrenuj & Company Limited reported financial results for the quarter that ended on June 30, 2011, and reported a 45% increase in sales to Rs. 676.10 crores, or about $150 million, and net profit registered a growth of 41% to Rs. 19.17 crores, or about $4.3 million. EPS for the period stood at Rs. 2.52.

Commenting on the performance, Shreyas Doshi, chairman and managing director, said, ''The strong performance of the company reflected the strong management bandwidth, evolving and sustainable business strategy and ability to respond to the evolving market dynamics.

Vishal Doshi, group executive director, added, ''Company's retail brand 'Diti,' continued to expand, with 132 points of sale across India currently. The management plans to increase this presence to 150 stores by financial year 2011 to 2012. International branded jewelry collections of Shrenuj were well received and also contributed to the positive operating margins."

Doshi announced a new venture in southern Africa, adding, ''we have commissioned a new diamond cutting and polishing unit in South Africa. The unit is equipped with state-of-the-art technology to produce best in class diamonds. Our South African operations will benefit from knowledge transfer from our Indian operations. This new unit will augment our manufacturing capacities in India and Botswana and help us service the growing needs of our downstream marketing activities.''

Shrenuj continues to focus on more value addition within its value chain in the coming years, with an expected share of about 50% revenue being generated by jewelry, franchising and retail segments by 2015.

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