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Sarine Sees 4Q Revenue Improving amid 'Positive' Market

Jan 10, 2016 3:51 AM   By Rapaport News
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RAPAPORT... Sarine Technologies expects revenue in the fourth quarter ending December 31 to improve 29 percent on a sequential basis to about $12.3 million. The result would represent a 33 percent decrease over the same period last year. Sales in the third quarter plummeted 53 percent.

Deliveries of the Galaxy family of products rebounded in the past three months, with 13 systems shipping during the three months, comprising a mix of products including the new Meteor, according to a statement January 6.

The holiday season in the “primary and key” U.S. diamond jewelry market, which constitutes about 40 percent of global demand, has overall been positive, with sales meeting or exceeding expectations, the statement said. Wholesale buying for the Chinese New Year on February 8 has started on a positive note. As a result, and because of lower production in most of 2015, shortages have emerged for diamonds whose demand is higher, primarily in the size range of 0.30 to 2 carats, colors D to H and clarity grades SI1 to I2. At lower price points, these are gaining in market share in the Far Eastern markets as well.

More than $5.5 billion of inventory has been cleared from Indian manufacturers’ stocks, Sarine estimated. 

Due to these developments, De Beers December sight was bigger than that in October and November but smaller than in previous years – valuing at about $180 million according to Rapaport News estimates.

“On the backdrop of these overall positive developments, we are pleased to report that the prevailing sentiment in the Indian diamond manufacturing industry seems to have significantly improved,” the statement added.
Tags: Israel, Rapaport News, Sarine Technologies, Singapore, technology
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