Shrenuj and Company Ltd, a leading manufacturer and exporter of polished diamond, will diversify into valued added branded jewellery, announced Kirtilal Doshi, chairman of the company.
Addressing the annual general meeting in Mumbai, Doshi said: "We are making a foray into the value added branded jewellery market in India. We look forward to tap the huge potential for such jewellery in our country."
International Gemological Institute will certify its products. The aim would be to offer value for money to the customer.
Talking about the current year's prospects, Doshi said, "With the recent revival in demand for both studded jewellery and diamonds, we expect good growth in sales and earnings for the current financial year."
The global
Though results for Q1 remained subdued, the company expected better performance in the current fiscal.
Owing to poor market sentiment, the sales and profit for Q1 dropped slightly at Rs 72.75 crore (Rs 727.5 million) and Rs 1.61 crore (Rs 16.1 million).
The company's turnover was Rs 294 crore (Rs 2.94 billion) for the year ended March 2003 against Rs 258 crore (Rs 2.58 billion) for the previous year. Gross profit advanced 13.7 per cent to Rs 22.29 crore (Rs 222.9 million).
The board recommended dividend of 22 per cent.