Goldiam wins $10 mn deal from Dubai’s Socotra

MUMBAI: Goldiam Hong Kong, China and Goldiam Jewels, Mumbai, subsidiaries of Goldiam International, have entered into a contract with Socotra Diamonds, Dubai, for the export of jewellery worth $10 million. The goods will be delivered over a year starting this month.

On Monday, Goldiam International said it is venturing into the Russia market and is in talks with a leading retail business house there for a joint venture. Goldiam International's subsidiary Diagold Designs is venturing into the Russian markets with a distribution and retail business in diamond studded jewellery, the company said in a filing to the Bombay Stock Exchange.

The Russian business is expected to be operational by February this year and would generate $10 million incremental sales in the financial year 2008-2009, it added. Last week, the company received approval from the Development Commissioner, SEEPZ Special Economic Zone, for the establishment of a trading unit in Santacruz Electronics Export Processing Zone SEZ, in Mumbai. At 11:10 am, Goldiam International shares were down nearly 5 per cent at Rs 92.05 on BSE.