Golkunda Diamonds & Jewellery Ltd. reported that sales fell 21 percent year on year to $5.5 million (INR 301.8 million) during its first quarter that ended on June 30, 2012.

Profit was little changed at $90,459 (INR 5 million) during the quarter from $90,387 (INR 5 million) last year, the manufacturer of diamond studded gold jewelry stated.

The company reported that total expenditures declined 23 percent to $5.1 million (INR 282.9 million) during the quarter.