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Manufacturing Rebound Boosts Sarine Revenue

Polishing returns to pre-coronavirus rates in October.
Oct 29, 2020 9:03 AM   By Rapaport News
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Sales at Sarine Technology improved in the third quarter as diamond-manufacturing levels increased following a lockdown in India, the equipment producer reported Wednesday.

Revenue rose 25% versus the previous quarter to $7.4 million in the three months ending September 30, reflecting an increase in diamond scans using its Galaxy machines, Sarine noted. However, the figure was still 48% below the $14.2 million of revenue Sarine recorded in the same period of 2019.

“Coupled with increases in polished-diamond prices on the back of renewed retail consumer demand, midstream manufacturers’ margins have improved significantly,” the Israel-based company said. “This has led to a further increase in polishing activity, which during October has fully recovered to pre-pandemic levels.”

The company incurred a loss of around $400,000 for the quarter, mainly due to taxes, though the loss was less severe than in the previous three months. The company made use of low-interest loans that the Israeli government guaranteed as part of its Covid-19 response.

Image: A rough diamond in a Galaxy machine. (Sarine Technologies) 
Tags: COVID-19, Galaxy, Israel, Manufacturing, Rapaport News, Sarine, Sarine Technology
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