Mumbai-based diamond cutter Flawless Diamond has posted its performance review for the second quarter of 2010, noting a drop in sales.



According to a company press release carried by Diamonds Net the diamond cutter reported that net sales fell 1% in the second fiscal quarter ending September, coming to $33.3 million (INR 1.5 billion).



The diamond processor's expenses went up by 2% over Q2, coming to $32.7 million (INR 1.47 billion), and net profits dropped by 92% to $90,000 (INR 4.2 million).



For the first fiscal half, Flawless Diamonds reported sales increased 2% to $63.8 million (INR 2.87 billion) while expenses grew 4% to $62.4 million (INR 2.81 billion).



The company's net profits fell by 76% to $560,000 (INR 25.2 million).