Suashish Diamonds Ltd Company Summary

Suashish Diamonds Ltd Summary

Pomoted by Rameshkumar S Goenka, Suashish Diamonds (SDL) was incorporated in Oct.88 which imports rough diamonds, cuts and polishes them, and then exports them. Its clientele is spread across the US, Japan, Europe, east Asia and Israel. It is a privileged sightholder of the Diamond Trading Company (DTC), London, whereby it enjoys an uninterrupted supply of raw materials at competitive rates. SDL has been granted Star Trading House status under the export-import policy of the Government of India. It has established a 100% subsidiary -- Suashish Diamonds -- in Hong Kong.In Jan.95, SDL came out with a public issue at a premium of Rs 185, aggregating Rs 113.37 cr, to set up three diamond cutting and manufacturing units at Ahmedabad; set up a laser processing unit; acquire premises; invest in a subsidiary company and to augment long-term working capital requirements. The total project cost was estimated at Rs 124.51 cr.The company bagged the prestigious award by Gem & Jewellery Export Promotion Council, as the second largest exported of Cut & Polished Diamonds for the year 1998-99 and certificate of merit for outstanding performance in the field of exports of cut & polished diamonds from the Govt. of Maharashtra for the same year.There are 9 subsidiary companies including 3 foreign subsidiaries at the end of financial year 2003-04.Suashish Jewellery Ltd has ceased to be a subsidiary of the company with effect from 07.01.2005.