MD’S MESSAGE
VIPUL SHAH
CEO & MANAGING DIRECTOR
FY 2024–25 was a year of continued adjustment across the global gems and jewellery sector. The industry operated in a slower rhythm, shaped by inventory realignments, evolving consumer behaviour, and macroeconomic caution. In this environment, our focus at Asian Star remained clear, maintain operational strength, reinforce core capabilities and stay agile to emerging opportunities.
Our consolidated turnover for the year stood at Rs. 2,95,575 lakhs, shaped by the broader realignment taking place across the global diamond value chain. While this represents a 16.1% moderation from the previous year, it remains within the expected range considering the prolonged slowdown in trade activity and price corrections that defined the industry this year. India’s gems & jewellery exports fell 11.7%, from USD 32.2 billion in FY 2023–24 to USD 28.5 billion in FY 2024–25. Cut & polished diamond exports dropped 16.8%, to USD 13.3 billion, prompting key industry participants to recalibrate output and inventory levels. Against this backdrop, our performance remained steady and controlled, reflecting our ability to adapt with discipline and maintain continuity in service and operations.
The diamond segment contributed Rs. 2,13,281 lakhs, down from Rs. 2,89,556 lakhs. This was in line with prevailing demand cycles, and we focused on staying efficient, optimising our product mix and maintaining responsiveness to customer requirements. EBITDA for the year was Rs. 8,091 lakhs, and Profit Before Tax stood at Rs. 5,413 lakhs. These results reflect a deliberate effort to manage the business with care, prioritising long-term positioning over short-term volatility.
What stands out this year is the performance of our jewellery division. Revenues rose to Rs. 82,240 lakhs, a 31.4% increase over the previous year, against India’s studded jewellery exports growth of 14.13%. This growth validates the strategic decision we made to strengthen our jewellery vertical. With deeper investments in design, manufacturing, and customer engagement, we have begun to build a stronger, more responsive service, one that aligns with changing buying preferences and value expectations. We also acknowledge the government’s continued efforts to support the gems and jewellery industry during a challenging year. The extension of the BIS hallmarking deadline, updates to the gold monetisation scheme, and more flexible SEZ de-notification rules are all steps in the right direction. A major milestone on the horizon is the India–UK Free Trade Agreement, which is expected to remove tariffs on a wide range of Indian exports, including jewellery. However, on the other hand, the re imposition of retaliatory tariffs by the United States on Indian gems & jewellery exports poses a near-term challenge, particularly given the size and importance of the US market for our industry. Navigating this policy environment will be critical going forward.
Looking ahead, we anticipate a gradual recovery across key segments of the gems and jewellery industry, supported by improving sentiment in select domestic and international markets. While overall trade remains cautious, we are closely focused on emerging opportunities in regions showing stable or rising demand. Our efforts are directed towards strengthening our jewellery vertical, building product pipelines that are relevant, scalable, and aligned to partner expectations. We continue to enhance development capabilities, improve responsiveness and deliver with greater consistency. In parallel, we are managing our diamond business with prudence, maintaining operational flexibility while staying positioned to respond when the market cycle turns. Our approach remains long-term and deliberate: to stay ready, stay relevant, and create enduring value through every phase of the market.
On behalf of the Board, I extend my sincere appreciation to our teams, clients, partners, and shareholders for their continued trust and support throughout this journey.