Czech Republic: Jablonex sees revenues down in 2002

Czech exporter of costume jewelry Jablonex, , posted sales of CZK 2.3 billion in 2002, down from CZK 2.7 billion in 2001. The company blames the fall in revenues on the strength of the Czech crown, wh…

Czech exporter of costume jewelry Jablonex, , posted sales of CZK 2.3 billion in 2002, down from CZK 2.7 billion in 2001. The company blames the fall in revenues on the strength of the Czech crown, which cost Jablonex CZK 300 million. Jablonex expects to end 2002 in profit, though precise figures are not known yet. The exporter cut its staff from 460 to 400 in 2002 and plans to cut a further 15 jobs. Jablonex was set up in 1951 to export the production of all Czechoslovak costume jewelry makers. Today, it represents 200 companies, selling their products to 1,240 customers in 93 countries. The United States takes about 20% of all exports annually. The Jablonex Holding, made up of the country“s four main costume jewelry producers, holds 66% of Jablonex. The holding consists of Bizuterie Ceska Mincovna, Ornela, Zeleznobrodske sklo, and Preciosa. The Jablonecka exportni firma holds 13.7%. Jablonex has share capital of CZK 154 million. Sales are expected to rise 10% in 2003.