Profits jump at Appleby jewellers

“Really good growth” in the number of couples buying engagement rings at Appleby jewellers helped push profits higher last year.

New accounts show Appleby Jewellers Ltd recorded profits after tax of €633,147 in the 12 months to the end of April 30th – a 43.5 per cent increase on the previous year.

The profits resulted in the family-owned Dublin company having accumulated profits of €3.24 million at the end of April.

Appleby director John Appleby said: “We were very pleased with the business during the last year. Demand continues to be strong.

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“We saw really good growth in the number of couples coming in to get engaged.

“Diamond engagement rings, other diamond rings and diamond jewellery make up the bulk of our turnover. We are by far the largest diamond jeweller in the country. However, we have also experienced great growth in our pearl and gold jewellery business,” he said.

Mr Appleby said the main driver “in terms of our increase in profits is an improvement in our market share”.

The accounts are abridged and don’t provide a revenue figure but Mr Appleby said sales “showed some healthy growth”.

Mr Appleby and three brothers are owners/directors, while three of the next generation are also involved.

“As a family business we work hard to maintain our original ethos. From our perspective in 2024 we’re very proud that every customer gets the same experience, whether they’re spending €200 or €200,000. Our engagement rings start at about €2,000 and there is no upper limit.”

On business in the current year, Mr Appleby said: “As each year goes on we find that we work harder and harder to maintain the growth, with some months being more successful than others.

“However, Christmas was a very strong period for us, so we’re quite optimistic about the current year.”

Between craftsmen in the workshop, the firm’s gemmology department, design centre and shop staff, it employs about 40 people.

The profit last year takes account of non-cash depreciation costs of €111,554. Aggregate remuneration to directors increased by 29 per cent from €723,459 to €936,863.

Shareholder funds totalled €4.63 million, while cash funds almost halved to €648,926.

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