Namra Jewels Pvt Ltd opens 1st retail designer lab grown diamond jewellery store

The company have achieved a significant milestone of opening its first ever retail designer lab grown diamond jewellery store at the prestigious Atria Mall at South Mumbai location through Namra Jewels Private Limited (Wholly Owned Subsidiary of Mini Diamonds (India) Limited).

This marks a significant milestone of achievement for the company as it opens its first ever retail store since its inception since 1981. The opening of the store furthers company's vision to cater to the retail market through its exquisite designer lab grown diamond jewellery and marks the company's entry into the B2C segment thus opening vast new horizons of expansion and growth.

Lab Grown Diamonds, akin to Natural Diamonds, are an eco-friendly, affordable and better option than natural diamonds thus enabling better market share acquisition and accessibility for the Indian consumer class. Due to its unique economies and qualities, the Lab grown Diamonds are going to be the future of the studded jewellery market and provide huge growth opportunities for the industry. The company aspires to open 100s of such designer stores and kiosk across the globe thus enabling the consumer class to fulfil their aspirations of wearing a diamonds and experience its sparkle.

To further this objective the company has already entered into a strategic partnership with Ark Diamonds USA, with whom the company aims to enter the USA Market in full fledge mode.

The company also recently reported impressive quarterly financial results for the period ending 30th June 2024. Our Revenue from Operations surged by 266.51%, rising from ₹243.18 million in Q1-FY 2023-24 to ₹891.29 million. EBITDA saw an extraordinary increase of 578.33%, soaring from ₹3.40 million to ₹19.67 million. Our PBT/PAT demonstrated remarkable growth, skyrocketing by 1272.55%, from ₹1.44 million in Q1-FY 2023-24 to ₹18.36 million in the current period. Additionally, our Annualized Quarterly EPS is estimated at ₹20.60.

Shri Upendra N. Shah, Chairman and Managing Director, Mini Diamonds (India) Limited, had to say the following with regards to the Quarterly Financial Update: "We are thrilled to inaugurate our first retail store at Atria Mall, marking a pivotal step in our journey to bring sustainable, high-quality lab-grown diamond jewellery to a broader audience. This milestone not only represents our commitment to innovation and excellence but also reflects our vision to lead the market with eco-friendly and affordable diamond jewellery. We are excited about the future as we expand our retail footprint and set new standards in the industry."

Shares of MINI DIAMONDS (INDIA) LTD. was last trading in BSE at Rs. 88.85 as compared to the previous close of Rs. 87.11. The total number of shares traded during the day was 3657 in over 19 trades.

The stock hit an intraday high of Rs. 88.85 and intraday low of 88.85. The net turnover during the day was Rs. 324924.00.

Source : Equity Bulls

Keywords

MINIDIAMONDSINDIA INE281E01010 NamraJewels 1stRetailStore LabGrownDiamondJewellery AtriaMall SouthMumbai