Goenka Diamond & Jewels Ltd

Goenka Diamond & Jewels Ltd

Goenka Diamond & Jewels Ltd is in the business of cutting and polishing of diamonds and manufacturing and retailing of diamond jewellery. The company supplies the polished diamonds primarily to wholesalers jewellery manufacturers traders and retailers based out India and other countries such as Hong Kong South East Asia and USA. Their quality and commitment to service has earned them a good reputation among Indian Jewellery and Diamond houses.The business is broadly divided into diamond processing business and jewellery business. Their diamond processing business consists of trading cutting and polishing of diamonds and jewellery business of manufacturing and retail of jewellery. They have two sub-brands 'Ceres' which deals in high-end jewellery and 'G-Wild' targeting the youthThe company's product profile includes rings earrings pendants bracelets necklaces etc. which is manufactured using polished diamonds precious and other semi precious stones which are set in gold.The company's manufacturing facility admeasuring 25000 square feet in Special Economic Zone at Sachin Surat. This facility has 26 polishing machines 2 sarin machines 6 auto brutters and 1 laser machine. The installed capacity of the unit is 60000 carats per annum. The company's diamond processing facility in Mumbai processes diamonds for domestic sales besides providing polished diamonds for the jewellery making. The 2000 square feet facility has 40 polishing machines 2 sarin machines 3 auto brutters and 1 laser machine and primarily processes larger sized stones.The company's Russia subsidiary also has a manufacturing facility where they process some of the rough diamonds procured from the local auctions. This facility has 10 polishing machines 1 sarin machine 2 auto brutters and 1 laser machine.Goenka Diamond & Jewels Ltd was incorporated as a private limited company on November 5 1990 with the name Goenka Exports Pvt Ltd. The company was promoted by Nand Lal Goenka and his sons Navneet Goenka and Nitin Goenka. Initially the company was in the business of export of coloured stones. In the year 1994 they expanded their business into diamond trade. Also they established their corporate office in Mumbai. The company was converted into deemed public company with effect from July 1 1997. In January 30 2002 the company became a public limited company and the name was changed to Goenka Exports Ltd. During the year the company entered into diamond cutting and polishing business. In the year 2003 they commenced manufacturing of diamond studded jewellery. In November 29 2004 the name of the company was changed to Goenka Exports Pvt Ltd. In the year 2006 the company started a state of art factory for cutting and processing diamonds started in a Special Economic Zone unit at Sachin Surat. In the year 2007 they set up another facility for processing of rough diamonds in Mumbai for catering the local market and for their jewellery making operations. They also commenced jewellery manufacturing and diamond cutting. The company was awarded 'Two Star Export House' accreditation by the Ministry of CommerceIn the year 2008 the company acquired M B Diamonds LLC which is engaged in the business of treatment of diamonds precious and semi-precious stones manufacture of jewellery trading retailing exporting and importing of the aforesaid precious stones and metals. They received ISO 9001:2000 certification. They launched 'G-Wild' and 'Ceres' jewellery brands. Also they set up exclusive 'G-Wild' retail stores during the year.In March 21 2008 the company changed their name to Goenka Diamond and Jewels Pvt Ltd and in April 15 2008 the company was converted into a public limited company and the name was changed to Goenka Diamond and Jewels Ltd. In April 2009 they set up their first exclusive 'Ceres' retail store in Mumbai. Currently the company has their presence in retail through 3 company operated 'G-Wild' stores 1 store under franchisee and 1 shop-in-shop for 'G-Wild'. The company plans to expand their retail presence for both their brands 'G-Wild' and 'Ceres'. They plan to open 12 'G-Wild' stores during the financial year 2010-11 and another 5 'G-Wild' stores during the financial year 2011-12. Further the company plans to open two 'Ceres' store during the financial year 2010-11. The company plans to expand their processing capacity of rough diamonds in the facility in Surat. The facility currently is under-utilized and capacity for the unit can be expanded without incurring any major capital expenditure on construction.