Gitanjali Shows Great Growth, Sales Up 63%

Gitanjali Group net sales rose 63%

In the nine months ended December 31, 2009, income from diamonds totaled $521.86 million (Rs. 24.23 billion), rising 19.7 percent as compared to the nine months of fiscal year 2009. Jewelry sales during the period increased by 43 percent to $583.43 million (Rs. 27.03 billion).

“Third quarter results are in-line with our focus on extension in the downstream,” Gitanjali Group Chairman and Managing Director Mehul Choksi said in his comments on the company’s performance. “Introducing additional and promising jewelry brands and the focus on retail expansion has further helped in gaining market share for the group.”

Gitanjali has a strong retail presence in two of the world’s largest jewelry markets. In India, Gitanjali has over 2,000 stores, while in the U.S. it operates 137 stores under the Samuels and Rogers banner, the 8th largest branded jewelry retail chain in the country.

The strong improvement in sales comes despite the economic recession, with the company stating that net profit has gone up because it shifted from wholesale to retail.