Goldiam Secures Rs 60 Crore Export Orders for Lab-Grown Diamond Jewellery
Goldiam announces acquisition of Rs 60 crore export orders for lab-grown diamond studded gold jewellery, scheduled for completion by October 30, 2024, boosting total booked orders to Rs 150 crores.
by Damodharan N
Updated Jul 12, 2024
Table of Content
Goldiam is pleased to announce the acquisition of new export orders amounting to Rs. 60 crores for the manufacturing of lab-grown diamond studded gold jewellery. These orders add to the company's aggregate booked orders, which now total Rs. 150 crores for similar products.
The international clients have awarded these contracts, which are scheduled to be executed by October 30, 2024. The orders highlight Goldiam's continued growth in the international market for premium jewelry.
Official Announcement Here
Market Reaction
Following the announcement, Goldiam's stock on the NSE showed strong market traction from July 11 to July 12, 2024. The stock opened at Rs. 176.00 and reached a high of Rs. 188.00, marking a significant increase in value.
The day's trading concluded with the stock closing at Rs. 183.92, reflecting investor optimism and active trading volume of 20,36,212 shares valued at approximately Rs. 374 crores. This surge indicates positive investor sentiment in response to Goldiam securing Rs. 60 crore export orders for lab-grown diamond jewellery.
Watch the Live share price of Goldiam on NSE Here
Lab-Grown Diamond Market 2024
The lab-grown diamond (LGD) market has experienced a challenging year in FY24, marked by a 16.5% decline in exports due to falling prices despite growing sales volumes. However, the sector is poised for a resurgence in FY25, with projected growth of 7-9% to reach approximately US$1500-1530 million.
This anticipated revival is driven by increasing consumer preference for affordable, environmentally sustainable alternatives to natural diamonds, especially in the 1-3 carat segment.
The LGD industry benefits from technological advancements in production methods like Chemical Vapor Deposition (CVD) and High-Pressure High Temperature (HPHT), which replicate natural diamond formation under controlled conditions.
Key factors influencing market dynamics include the cost-effectiveness, purity, and ethical advantages of LGDs over mined diamonds, bolstered by supportive government initiatives and rising global demand for sustainable luxury goods.
Goldiam International
Goldiam International Limited, listed on both the NSE (GOLDIAM) and BSE (526729), boasts over three decades of expertise as a premier exporter of finely crafted diamond jewellery.
Renowned for its commitment to quality and innovation, Goldiam serves leading global retailers, department stores, and wholesalers across the American and European markets.
The company prides itself on ethical sourcing practices and utilizes cutting-edge technologies to ensure efficient manufacturing processes and timely delivery. With fully integrated operations encompassing design teams in India and the USA, Goldiam emphasizes customization and rapid turnaround times, aiming for sustained growth through its expansion into lab-grown diamonds and digital initiatives.
Goldiam Secures Rs60 Crore Export Orders for Lab-Grown Diamond Jewellery - FAQs
1. What is the value of the new export orders acquired by Goldiam?
Goldiam has secured new export orders amounting to Rs. 60 crores for lab-grown diamond studded gold jewellery.
2. Who awarded these export contracts to Goldiam?
The contracts were awarded by international clients.
3. What is the total aggregate booked orders for Goldiam now?
Goldiam's aggregate booked orders for manufacturing similar products now total Rs. 150 crores.
4. When are these new export orders scheduled to be executed?
The orders are scheduled to be executed by October 30, 2024.
5. What was the market reaction to Goldiam's announcement?
Following the announcement, Goldiam's stock on the NSE showed strong traction, with the stock price increasing significantly.
6. How did Goldiam's stock perform on July 11-12, 2024?
Goldiam's stock opened at Rs. 176.00, reached a high of Rs. 188.00, and closed at Rs. 183.92, reflecting positive investor sentiment.
7. What are the key factors driving the projected growth in the lab-grown diamond market for FY25?
Increasing consumer preference for affordable, environmentally sustainable alternatives to natural diamonds, especially in the 1-3 carat segment.
8. What are the primary production methods used for lab-grown diamonds?
Lab-grown diamonds are produced using methods like Chemical Vapor Deposition (CVD) and High-Pressure High Temperature (HPHT).
9. What advantages do lab-grown diamonds offer over mined diamonds?
Lab-grown diamonds are cost-effective, environmentally sustainable, and offer similar chemical and physical properties as mined diamonds.
10. How has the lab-grown diamond market performed in FY24?
The market saw a decline of 16.5% in exports due to falling prices, despite an increase in sales volumes.