News

Asian Star Experiences Decline in Sales Due to Softened Diamond Demand

Indian diamond manufacturer Asian Star faces sales decline in Q4 amidst soft market conditions and midstream oversupply

diamond news network

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).

Akoirah by Augmont Introduces ‘Made of Us’ Valentine’s Edit

Botswana Accelerates Mining Exploration as Diamond Market Weakens

Luanda Accord Expands as Namibia Signs; GJEPC and DMCC Advance Toward NDC Membership

Botswana Unearths Ultra-Rare 37.41-Carat Half-Pink, Half-Colourless Diamond

Anglo American CEO Signals Likely Consortium Sale of De Beers