Indian Manufacturer Asian Star Sees Sales Slump

RAPAPORT... Asian Star's sales fell in the second fiscal quarter as the coronavirus pandemic continued to affect business for the Indian manufacturer of diamonds and jewelry.Group revenue - including at subsidiaries - slid 38% year on year to INR 4.98 billion ($67.3 million) in the three months ending September 30, the Mumbai-based company reported Friday. The sales decline was gentler than the 80% slump the company suffered in the previous quarter, while profit rose 7% to INR 140.6 million ($1.9 million) as costs decreased."During the quarter, [the] Covid-19-induced lockdown [was] relaxed in a phased manner," the company said, noting that the partial restrictions still had an impact on operations.Diamond sales fell 37% to INR 4.08 billion ($55.2 million), with revenue from the jewelry division slipping 44% to INR 1.22 billion ($16.4 million). The sum of the combined diamond- and jewelry-division figures exceeded total group sales because certain transactions spanned both segments.Image: Asian Star-manufactured jewelry. (GJEPC)