Revenues Surge at Shrenuj & Co in Fiscal Year 2013

The company also said that net income climbed 4 percent to $13.5 million.

For the fourth quarter of the fiscal year, revenue surged 10 percent to just over $160 million, while net income soared by 126 percent to $5.5 million.

Company chairman Shreyas K. Doshi said the firm's financial performance "under the prevailing market conditions is above par."

"We have seen a revival in the US market demand but the Indian and Chinese demand has plateaued. With the recent correction in gold prices, we have seen a growth in demand in the on-going period. With the normalization in availability of rough diamonds and decrease in gold prices, we expect the demand in emerging markets, including India and China, to grow at a rapid rate.

"The depth of our designing capabilities was the core to our success in the year. We also successfully tested a new collection in the US market and it is now being rolled out to over 800 stores. Its variants, using 10 hearts and 10 arrows diamonds, will be made available to consumers in other markets during the year.

The company added that it recently commissioned a new manufacturing unit in Patna to add to its diamond-manufacturing base for smaller diamonds.

The new unit will complement diamond production from Shrenuj’s diamond polishing units in Mumbai, Surat, Johannesburg and Gaborone. When fully operational, it will produce 300,000 pieces per month and will help the company meet increasing demand from export markets. It also plans to expand its operations in Surat.