Consolidated revenue, including subsidiaries in the US, Dubai, and Hong Kong, declined by 13% year-on-year to INR 6.98 billion ($84.1 million) for Asian Star's third fiscal quarter, ending on December 31, as reported last week. Sales saw a 24% decrease compared to the previous quarter, while net profit surged by 37% to INR 182.5 million ($2.2 million).

These numbers reflect subdued diamond demand in both the US and Chinese markets, dissuading jewellers from replenishing their stocks. Hong Kong jewellery retailers Chow Tai Fook and Luk Fook noted that gold jewellery outperformed diamond-set pieces during this period in China.

Revenue from the company's diamond segment witnessed a 17% decline to INR 5.7 billion ($68.7 million), while sales of gold jewellery rose by 9% to INR 1.74 billion ($20.9 million).