Aug 1: Lypsa Gems and Jewellery DMCC, a wholly-owned subsidiary of the Surat-based diamond seller Lypsa Gems and Jewellery Ltd, on Wednesday said that it has received a new order worth Rs 154 million from customers in Middle East.
According to the company, the order entails supply of loose diamonds as well as diamond studded jewelry. The company expects the tenure of completion for this order to be 7 months, it said.
“In order to build its retail business, Lypsa is constantly trying to increase presence of its two brands, ‘Oropel’ and ‘Lypsa Atelier’. Future growth plans include design collaborations, brand endorsements and setting up physical retail,” the company added.
Commenting on the development, Jeeyan Patwa, Director, Lypsa Gems and Jewelry Ltd, said, “our sustained efforts to develop our business in the Middle East are reaping us rewards. We expect the recent increase in crude prices to eventually cause increase in disposable incomes and luxury spending. Diamond and Jewelry sales stand to benefit from this projected increase in luxury spending.”
Lypsa Gems and Jewellery is engaged in trading and working in diamonds and focuses in import, export, making and polishing diamonds, gems and other precious stones. The company has three activities including rough preparation, manufacturing and polished diamonds marketing.
Shares of the company were trading at Rs 14.70, up 3.67% from the previous closing of Rs 14.18, on BSE at 10.51 am today.