Abazias.com Sales Fall, Losses Reduced

Online loose diamond and jewelry retailer Abazias saw second quarter sales fall 22 percent to $414,000, while gross profit jumped to $ 66,145 during the period.

Abazias, the first online loose diamond retailer that went public, reduced quarterly expenses by 90 percent - $740,000, to minimize its net loss, bringing it down to $27,000 from $790,000 a year ago.

The company said its general and administrative expenses reduction came by decreasing stock expenses. The fall in sales was a result of staff changes, it said, while the increase in gross profit was a result of “more sophisticated levels of margin mix.”

Abazias is interested in new investments in the company, it said in a statement.