We sell processed diamonds to a regular set of customers which include jewellery manufacturers, traders & wholesalers and retailers. Of these, jewellery manufacturers account for a largest portion of our sales. We have built a strong relationship with our customers and major portion of our sales are repeat orders. Over the years, we have reduced our dependence on our top customer by building strong relations with a number of other customers.

Table 3: Top customers as % of Diamond Processing segment sales
Customer	Fiscal 2007	Fiscal 2008	Fiscal 2009
Top customer	28.80%	30.30%	16.70%
Top 3 customers	49.00%	65.60%	48.30%
Top 5 customers	50.40%	68.30%	74.10%

We export processed diamonds to countries like Hong Kong, South East Asia, USA and India. Over the years, we have reduced our export dependence on the US in light of the fall in demand and worsening credit terms. US accounted for 66.6% of sales in Fiscal 2007 vis-à-vis 15.5% in Fiscal 2009. South East Asia has emerged as a major market for our exports with sales of Rs. 15,902 lakhs in Fiscal 2009 (Nil in Fiscal 2008).

The region is largely untapped and besides having a strong local demand, it also serves as a base for reexports to other countries.