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India Upturn Boosts Sarine’s Results

Sales rise 2% in first quarter as firm ships larger quantity of Galaxy units.
May 23, 2018 7:45 AM   By Rapaport News
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RAPAPORT... Sarine Technologies, which supplies equipment to diamond manufacturers, saw revenue rise in the first quarter, driven by increased sales of its Galaxy system in India.

Group revenue for the period grew 2% year on year to $16.7 million, the Israel-based company reported last week. Sales to India, its largest market, rose 4% to $13.5 million, outweighing a 42% drop in sales to Europe, which amounted to $344,000. Revenue from Israel climbed 16% to $1.1 million, while sales to the African market grew 24% to $854,000.

The performance of Sarine, which sells diamond-mapping technology and other equipment, is considered an indicator of the strength of the manufacturing sector. The company noted that rough-diamond prices had increased this year, but said that had not significantly impacted the midstream sector. The global economy is strong, and diamond businesses are showing prudent inventory management, it added.

The diamond-technology company’s profit jumped 27% to $3.1 million due to lower operating costs and changes to its tax expenses.
Tags: Alrosa, De Beers, Galaxy, Rapaport News, Sarine, Sarine Technologies
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