FY 2021-22 has been quite an extraordinary year. As the global economy was gradually putting the disruptions of the Covid-19 pandemic behind with the easing of restrictions and recovery in economic activities and consumer sentiments, it was faced with another set-back; the Russia-Ukraine conflict. From a dangerous conflict, it has escalated into a devastating humanitarian crisis, casting long and dark shadows on geo-political stability and impacting economic recovery. We have already seen volatility in commodity prices and supply chain disruptions have worsened.
The Indian economy in every sense has demonstrated its robust fundamentals to the world. Given the focused way India handled the Covid-19 crisis with the help of an aggressive vaccination programme and pragmatic policy interventions, the economy is looking at a continued and strong rebound. Together, these efforts have propelled the economic engine, resulting in a solid 8.7% GDP growth in FY 2021-22 and this has set the stage for accelerated growth in the future. Barring the short-term challenges, the long-term outlook seems promising.
Following turbulent conditions in 2020, the Indian gems and jewellery industry proved to be resilient and delivered an outstanding performance in FY 2021-22. Every sector of the industry performed well and was seen emerging from the Covid-19-induced crisis. The overall gross exports of gems and jewellery in FY 2021-22 stood at USD 39 billion, marking a growth of 56% as compared to USD 25 billion in FY 2020-21. The demand for diamond jewellery is expected to continue growing through the first half of 2022. The key to resilience and resurgence in the diamond industry has been its sustained investments in technology to drive efficiency, coupled with remarkable efforts in enhancing customer experiences and accelerating digital reach and presence. However, the breakout of conflict in Ukraine and the resulting economic sanctions on Russia may disrupt the near-term supply of rough diamonds, thereby impacting the diamond polishing industry.
At Asian Star, our inherent fundamentals have always been our pillars of strength. Our agility and resilience to adapt and implement new norms of business empowers us to forge ahead with courage and determination. For the past two years, the resolute commitment and undeterred focus of our team members have collectively ensured that we not only sail through the testing times but emerge stronger than before.
Our Consolidated Turnover for the year stood at Rs. 4,422.61 crore as compared to Rs. 2,544.39 crore in the previous year. PBT for the year increased to Rs. 113.13 crore as against Rs. 59.35 crore achieved in the previous year. Segment-wise, our diamond business delivered a strong performance with total revenues surpassing the pre-Covid-19 levels and touching Rs. 3,660.91 crore against Rs. 2005.98 crore last year. Our jewellery business also registered a significant improvement with total revenue of Rs. 756.81 crore compared to Rs. 533.91 crore in the previous year.
As we look into the new year with renewed hope and vigour, I would like to personally express my gratitude to each employee for their persistence, passion and positivity that made it possible for us to navigate the turbulent times and will also ensure we continue to surge and resurge as the tide turns positive. My sincere appreciation to all our stakeholders for the faith and trust they have shown in us, for which we remain humbly grateful.
