National Jeweler Network

Financial Reporting

Sales up 12 percent at Gitanjali’s US stores

By Michelle Graff

June 02, 2014

New York--Mumbai-based manufacturer and retailer the Gitanjali Group reported that the stores it operates in the United States under the Samuels Jewelers Inc. umbrella experienced 12 percent year-over-year sales growth in fiscal year 2014.

The company, which has its U.S. headquarters in Austin, Texas, owns Andrews, Rogers, Schubach and Samuels Diamonds stores.

In its fiscal year 2014 report released Friday, Gitanjali said it expects U.S. sales to continue growing at the same level.

The company plans to continue expanding its U.S. business, noting that international business now accounts for nearly 60 percent of its total sales.

“The focus is on capitalizing on the high-margin mature markets such as USA and Japan and also on the rapidly growing market of the Middle East,” the company said.

Meanwhile, in India, Gitanjali, a retailer and manufacturer that does everything from rough diamond sourcing to retailing, continues to be hurt by the Royal Bank of India’s new restrictions on gold imports.

Sales for the Gitanjali Group as a whole in fiscal year 2014 ended March 31 fell 24 percent while net profit dropped 94 percent.

“Three quarters of this financial year, the industry has gone through a challenging phase due to the regulatory changes and non-availability of gold. As a company, Gitanjali has realigned its strategy by focusing more on diamond and studded jewelry and international geographies,” said Mehul Choksi, Gitanjali Gems Ltd. chairman and managing director.