US Rebound Drives Sales Jump at India's Goldiam

RAPAPORT... Indian jewelry manufacturer Goldiam International saw strong sales growth in the past fiscal year amid resurgent consumer demand and the expansion of the company's lab-grown business.Revenue jumped 72% to INR 7.12 billion ($915.1 million) for the 12 months ending March 31, management reported Friday. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 81% to INR 1.55 billion ($19.9 million).The "US witnessed a significant recovery in consumer spending post the Covid-19 disruption," according to the Mumbai-based company, which supplies retailers in America and Europe. "Jewelry stores in the US [engaged in] inventory restocking for Thanksgiving and the holiday season, which led to a surge in pent-up demand."In addition, Eco-Friendly Diamonds, a synthetics brand that Goldiam acquired last year, expanded its capacity in response to consumer appetite, with the category contributing 20% of group revenues for the year.Image: Indian bridal jewelry. (Shutterstock)