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Building Trust Through Transparency

INVESTOR CENTRE

MD’S MESSAGE

Managing-Director

VIPUL SHAH

CEO & MANAGING DIRECTOR
The fiscal year 2023-24 has been a period of unprecedented challenges and transformative shifts in the global diamond industry. As we navigate through these turbulent times, Asian Star has once again demonstrated its resilience, adaptability, and unwavering commitment to excellence. The gems and jewellery sector, a cornerstone of India’s economy contributing 7% to the nation’s GDP and employing over five million skilled workers, faced significant headwinds. Industry-wide exports declined by 14.94% with Cut & Polished declining by 27.58%, reflecting the broader economic uncertainties and geopolitical tensions that have reshaped global trade dynamics.
Against this backdrop, Asian Star’s performance tells a story of strategic agility and focused determination. Our consolidated turnover stood at Rs. 3,523 crore, compared to Rs. 4,478 crore in the previous year. While this represents a decline, it is important to view these figures within the context of the industry-wide contraction. Our EBITDA for the year was Rs. 118 crore, and our PBT was Rs. 97 crore. Our mainstay diamond business, despite the challenges, generated revenues of Rs. 2,895 crore, while our jewellery segment contributed Rs. 626 crore. These figures, though lower than the previous year, underscore our ability to maintain substantial market presence even in difficult times.
At Asian Star, we have always believed that true mettle is tested under pressure. This year has been no exception. We have embraced change, reimagined our strategies, and invested in innovation to ensure we not only weather the storm but emerge stronger on the other side.
The government’s proactive measures, including the reduction in import duties on precious metals and diamonds, the revamping of the gold monetisation scheme, and the push for mandatory hallmarking, have laid a strong foundation for the industry’s future growth. We are actively aligning our strategies with these initiatives to capitalize on emerging opportunities. Looking ahead, we remain cautiously optimistic.
The global diamond industry is poised for a recovery, and Asian Star is well-positioned to capitalise on emerging opportunities. Our strategic focus on innovation, product diversification, and strengthening global partnerships will be key drivers of our future growth. At Asian Star, we are committed to playing a significant role in the resurgence of India’s gems and jewellery sector.
We continue to align our strategies with government initiatives and industry trends to ensure we remain at the forefront of this dynamic market. I extend my deepest gratitude to our employees, stakeholders, and customers for their unwavering support and trust. Together, we will navigate these challenging times and emerge stronger, ready to seize new opportunities and achieve greater heights.
Yours sincerely,
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COMPANY SNAPSHOT

Company Profile

Established in 1971, Asian Star Company Limited is one of the world’s leading diamantaires. It is listed on the Bombay Stock Exchange since 1996.
The group’s vertically integrated operations span the entire value chain, from rough sourcing to diamond and jewellery manufacturing to retailing.

Product Profile

Polished Diamonds: All polished 2 ct and smaller in fine makes.
Jewellery: Diamond-studded jewellery, crafted in 9 – 18k gold, spanning all categories like rings, earrings, pendants, bracelets, bangles, necklaces etc., for the domestic and international markets.

Corporate Headquarters

114, Mittal Court – C, Nariman Point, Mumbai – 400 021, India
Tel : +91 22 6244 4111 | +91 22 2281 1371

Manufacturing Centres

World-class infrastructure at Surat, Mumbai and Hosur for diamond and jewellery manufacturing in India.

Board of Directors

Mr. Arvind Tarachand Shah

Chairman, CFO & Whole-time Director

Mr. Vipul Prabodh Shah

CEO & Managing Director

Mr. Rahil Vipul Shah

Wholetime Director

Mr. Priyanshu Arvind Shah

Non-Executive Non-Independent Director

Mr. Dharmesh Dinesh Shah

Non-Executive Non-Independent Director

Mrs. Neha Rajen Gada

Independent Director

Mr. Jayantilal Dudabhai Parmar

Independent Director

Mr. Kartikeya Girish Desai

Independent Director

Mr. Navtej Hazara Singh

Independent Director

Mr. Kunal Sunil Todarwal

Independent Director

Mr. Pattanayak Bijayananda

Independent Director
 

Employees

More than 1900 professionals and skilled workers are employed by the group.

Subsidiaries

Asian Star Trading (Hong Kong) Ltd., Hong Kong
Asian Star Co. Ltd., New York
Asian Star DMCC, Dubai

Marketing Arms

A strong global presence with marketing arms spread across the continents of Asia, Europe, and America.
Corporate Presentation Consolidated 5-year Financial Trend
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CORPORATE GOVERNANCE

Company’s Philosophy on Corporate Governance As part of good corporate practice, the Board of Directors directs and controls the affairs of the company in an efficient manner in order to maximise the value of shareholders and conduct business with integrity, with respect to those whom we may affect with our activities.

To succeed requires the highest standards of behaviour from all of us. Ethical business conduct is critical to our business. To uphold the standards in day-to-day activities, the company has framed policies and procedures to be adopted by the Board of Directors and Senior Management. The matters covered under this code are of the utmost importance to the company, our shareholders and our business partners.

Related links

  • Annual BR & OECD Compliance Report – 2023-2024
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  • Annual BR & OECD Compliance Report – 2022-2023
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  • Code of Conduct
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  • Dividend Distribution Policy
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  • CSR Projects Approved
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  • Policy For Determination Of Materiality Of Events Or Information
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  • Investors Contact
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  • Composition of Board & Committees
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  • Policy On Preservation Of Documents And Archival Policy
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  • Business Responsibility Policy
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  • Policy For Determining Material Subsidiaries
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  • Criteria For Making Payments To Non Executive Directors
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  • Board Diversity Policy
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  • Corporate Social Responsibility Policy
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  • Nomination & Remuneration policy
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  • Terms & Conditions of Appointment of Independent Directors
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  • Familarisation Program for Independent Directors
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  • Whistle Blower Policy
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  • Policy on Related Party Transactions
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  • RJC / BPP Policy
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  • Contact details of KMP for determining Materiality
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FINANCIAL RESULTS

ANNOUNCEMENTS

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SHAREHOLDER’S INFORMATION

DISCLOSURES UNDER
REGULATION 46 OF THE LODR

  • Details of Business
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  • Terms & Conditions of Appointment of Independent Directors
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  • Composition of various Committees of Board of Directors
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  • Code of Conduct of Board of Directors and Senior Management Personnel
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  • Details of establishment of vigil mechanism/ Whistle Blower policy
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  • Criteria of making payments to Non-Executive Directors
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  • Policy on Related Party Transactions
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  • Policy for determining Material Subsidiaries
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  • Details of familiarization programmes imparted to independent directors
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  • Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances
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  • Notice of meeting of the board of directors where financial results shall be discussed
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  • Financial results, on conclusion of the meeting of the board of directors where the financial results were approved
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  • Complete copy of the annual report including balance sheet, profit and loss account, directors report, corporate governance report etc
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  • Shareholding Pattern
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  • Details of agreements entered into with the media companies and/or their associates, etc
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  • Schedule of analysts or institutional investors meet, Audio or video recordings and transcripts of post earnings/quarterly calls
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  • New name and the old name of the listed entity for a continuous period of one year, from the date of the last name change
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  • Financial results published in newspaper
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  • Notice given to shareholders by advertisement in newspaper & IEPF Publication
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  • Credit ratings obtained by the entity for all its outstanding instruments, updated immediately as and when there is any revision in any of the ratings
  • N/A
  • Subsidiary Financial Statements
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  • Transcript of AGM
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  • Contact details of KMP for determining materiality of events
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  • Annual Secretarial Compliance Report
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  • Disclosure of the policy for determination of materiality of events or information
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  • Disclosure of contact details of KMPs who are authorised personnel to determine materiality of events/information and for making disclosures to Stock Exchanges
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  • Disclosures under Regulation 30(8) of LODR
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  • Statements of deviation(s) or variation
  • N/A
  • Dividend Distribution Policy
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  • Annual Return
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  • Policy on Prohibition of Insider Trading
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  • Code of Practices and Procedures for Fair Disclosures
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