Background

Suashish Diamonds Ltd (Suashish Diamonds) was incorporated in 1988. The company manufactures and exports diamonds, gems and jewellery. In 1994, the company opened an office in Hong Kong to expand its business in the Far East. In 1999, the company ventured into jewellery manufacturing business and in 2003 launched its Ishis brand by opening retail stores in India and UAE.

Company Profile

Suashish Diamonds’ principal business aims at sale of diamonds and jewellery. The company has 3 divisions namely, diamonds, jewellery and retail. The company’s diamond division involves cutting, polishing, processing & marketing of diamonds. The company has a flagship manufacturing facility at Borivali, Mumbai spread across 100,000 sq ft with a capacity to manufacture

1.2 mn pieces. Suashish Diamonds is also engaged in the business of sourcing of rough diamonds to retailing finished diamond jewellery through its retail jewelry brand Ishi’s. The company has its significant presence in domestic as well as international markets. Suashish diamonds has retail presence in over 25 cities with a total of 130 retail stores in India and the Middle East. The company through its wholly owned subsidiary Suashish Diamond (Botswana) Pvt. Ltd. operates a diamond cutting and polishing centre in Botswana in Southern Africa. Suashish mainly focuses on US and UK markets for its jewellery distribution. In June 2008, the company commenced a jewellery manufacturing facility in SEEPZ in Mumbai. The company registered revenue of Rs 824 mn in FY09. For the third quarter ended Dec 09, Suashish reported total revenues of Rs 3.22 bn, registering a 125% (y-o-y) rise as compared to same quarter of 2008. For the same period, it posted net profits to Rs 171.8 mn as compared to net loss of Rs 3043.06 for third quarter ended Dec 08.