Asian Star revenue slips as diamond sales fall and jewelry rises
Loose-diamond sales slid 11% at Asian Star, but jewelry revenue rose 17%, showing where value is shifting in the diamond chain.
Asian Star’s latest numbers read less like a routine earnings wobble than a clear split in the diamond trade. For the fiscal year ended March 31, 2026, the Mumbai-based company’s revenue fell 2.4% to INR 29.03 billion, even as diamond sales dropped 11% to INR 20.55 billion and jewelry revenue climbed 17% to INR 9.65 billion. That divergence matters: loose diamonds are weakening, but finished jewelry is still finding buyers, helped by higher gold prices and a market that increasingly rewards the product closest to the customer’s wrist, neck or finger.
Profit slipped 2.5% to INR 404.8 million, but the fourth quarter offered a more nuanced signal. Asian Star said its net loss narrowed even after diamond revenue fell 28% year on year, a sign that the business remains under pressure in polished stones but has not lost control of its cost base. The company, led by chairman and chief executive Arvind T. Shah, said its performance remained steady and controlled, language that fits a manufacturer trying to protect margin while the center of gravity in the market moves away from loose stones.
The shift is especially telling because Asian Star has been built to operate across the entire diamond pipeline. Established in 1971 and listed on the Bombay Stock Exchange since 1996, the company spans rough sourcing, cutting and polishing, jewelry manufacturing and retail. In calmer markets, that breadth is an asset. In a soft polished-diamond environment, it may be the finished-jewelry side of the house that offers the cleaner path to value, while businesses dependent on stone sales alone face thinner demand and more pricing strain.
The latest year also extends a longer slide. Revenue fell 16.11% in the fiscal year ended March 31, 2025, to Rs 2,95,575.22 lakh, after a 21% revenue drop in the prior fiscal year. Against that backdrop, Asian Star’s stronger jewelry line is not just a compensating gain; it is a strategic clue. Value in the diamond business is migrating toward design, manufacturing and retail execution, and companies with vertically integrated models, like Asian Star, are better positioned than pure loose-diamond sellers if polished demand stays soft.
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